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 $ $26, eee 9,409 52,000 49,000 19,500 34,400 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 190,000 150,000 9,000 34,500 96,500 1,700,00 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 Work in Process (WIP) Raw Materials (RM) 26,000 9.000 Indirect materials 190,000 158,000 DM used April 30 RM purchases Cost of goods manul April 30 DM used DL used Overhead applied May 31 49,000 Finished Goods (FG) April 30 Factory Overhead 9.000 34,500 Indirect materials Indirect labor Overhead applied Cost of goods manut Other overhead costs 96,5001 May 31 Income statement (partial) S0