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 $ $33,000 9,000 52,000 49,000 20,300 34,700 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 183,000 200,000 13,000 46,000 112,000 1,600,000 554 es 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 Work in Process (WIP) April 30 Raw Materials (RM) 33,000 13,000 Indirect materials 183.0001 157.000 OM used TRM purchases 46,000 Required information 6. Overapplied or underapplied overhead. "Do not consider any underapplied or overapplied overhead. Work in Process (WIP) April 30 RM purchases Raw Materials (RM) 33.000 13,000 indirect materials 183,000 157,000 DM used 46,000 0 Finished Goods (FG) Inventory Factory Overhead 0 Income statement (partial)