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. April 30 May 31 $ $ 43,000 9,100 55,000 36,000 18,300 33,000 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 178,000 300,000 8,000 69,000 92,500 1,600,000 55% 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) 43,000 8,000 Indirect materials 178,000 177,000 DM used Work in Process (WIP) 9,100 April 30 Cost of goods manuf. April 30 RM purchases 177,000 DM used DL used Overhead applied May 31 May 31 36,000 186,100 Finished Goods (FG) Inventory 55,000 Cost of goods sold Factory Overhead 8,000 April 30 Indirect materials Overhead applied Cost of goods manuf. Indirect labor 69,000 Other overhead costs 92,500 May 31 55,000 Underapplied OH 169,500 Income statement (partial) $ 0