Required Information Use the following information to answer questions [The following formation apores to the questions displayed below) The following information is available for Lock-tite Company, which produces special-order security products and uses a Job order costing system April 30 May 31 Inventories Ra materials $ 35,000 59,000 Work in process 9,900 20,100 Finished goods 63,000 34,600 Activities and information for May Raw materials purchases (paid with cash) 119,000 Factory payroll (paid with cash) 100,000 Factory overhead Indirect materials 16,000 Indirect labor 33, ee Other overhead costs 94,000 Sales (received in cash) 1,500,000 Predetermined overhead rate based on direct labor cost SSE $ Exercise 19-7 Cost flows in a job order costing system LO P1, P2, P3, P4 Compute the following amounts for the month of May using T-accounts 1. Cost of direct materials used. 2 Cost of direct labor used 3. Cost of goods manufactured 4. Cost of goods sold 5. Gross profit 6. Overapplied or underapplied overhead. "Do not consider any underapplied or overapplied overhead Raw Materials (RM) Work in Process (WP) April 30 Finished Goods (FG) Inventory Factory Overhead Income statement (partial) S 0