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 job order costing system. 0 May 31 Inventories Raw materials Work in process Finished goods $50,000 52,000 21,000 34,800 9,600 53,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 193,000 200,000 Indirect materials Indirect labor Other overhead costs 13,000 46,000 102,500 1,800,000 558 Sales (received in cash) Predetermined overhead rate based on direct labor cost