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 an uses a job order costing system. April 30 May 31 $ $ 33,000 9, 100 68,000 43,000 18, 700 34, 200 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) Pre determined overhead rate based on direct labor cost 180,000 100,000 17,000 23,000 117,000 1, 300,000 55% 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. Answer is not complete. April 30 RM purchases Raw Materials (RM) 45,000 X 17,000 17,000 | 157,000 112,000 Work in Process (WIP) 9,200 X 15,700 154,000 X 385,200 84,700 X 121,600 April 30 DM used DL used Overhead applied May 31 Indirect materials DM used Cost of goods manuf. Finished Goods (FG) 61,000 385,200 412,300 April 30 Cost of goods manuf. Indirect materials Factory Overhead 17,000 84,700 X 46,000 X Cost of goods sold Indirect labor Other overhead costs 103,000 X 33.900 81.300 Answer is complete but not entirely correct. Income statement (partial) Net income X $ 1,400,000 X Cost of goods sold 412,300 Gross profit $ 987,700