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 Inventories Raw materials $49,000 37,000 Work in process 9,200 18,800 Finished goods 66,000 33,400 Activities and information for May Raw materials purchases (paid with 176,000 cash) Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 15,000 Indirect labor 46,000 Other overhead costs 111,500 Sales (received in cash) 1,800,000 Predetermined overhead rate based on direct labor cost 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. Work in Process (WIP) April 30 RM purchases Raw Materials (RM) 49,000 176,000 Indirect 15,000 materials IDM used 210,000 May 31 0 Finished Goods (FG) Inventory Factory Overhead 0 0 Income statement (partial)