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 use a job order costing system. April 30 May 31 Inventories Raw materials $27,000 47,000 Work in process 9,200 20,400 Pinished goods 64,000 34,400 Activities and information for May Raw materials purchases (paid with cash) 179,000 Factory payroll (paid with cash) 100,000 Factory overhead Indirect materials 9,000 Indirect labor 23, doo Other overhead costs 105,500 Sales (received in cash) 1,700,000 Predetermined overhead rate based on direct labor cost 555 Check my work 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 underappled or overopplied overhead. Raw Materials (RM) Work in Process (WIP) Finished Goods TFG Inventor Factory Overhead Income statement (partial)