Required information Use the following information to answer questions [The following information applies 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. Inventories April 30 May 31 Raw materials $30,000 $ Work in process 58,000 Finished goods 9,100 18,200 Activities and information for May 54,000 34,200 Raw materials purchbses (paid with cash) 177,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 12,000 Indirect labor 34,500 Other overhead costs 94,000 Sales (received in cash) 1,800,000 Predetermined overhead rate based on direct labor cost 550 Exercise 15-7 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 (WIP) April 30 May 31 Finished Goods (FG) Inventory Factory Overhead 0 0 "Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work In Process (WIP) April 30 May 31 Finished Goods (FG) Inventory Factory Overhead 0 0 es Income statement (partial)