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 $ $ 48,000 9,700 70,000 44,000 19,700 33,300 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 175,000 250,000 11,000 57,500 114,000 1,400,000 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. *Do not consider any underapplied or overapplied overhead. Dar Materiale (RM) INorlin Drone MIDI Raw Materials (RM) 48,000 11,000 Indirect materials 175,000 134,300 DM used April 30 RM purchases Work in Process (WIP) 9,700 29.400 Cost of goods manuf. April 30 DM used DL used Overhead applied May 31 May 31 77,700 39,100 Finished Goods (FG) 70,000 Cost of goods sold Overhead applied April 30 Cost of goods manuf. Indirect materials Indirect labor Factory Overhead 11,000 57,500 114,000 Other overhead costs May 31 1 70,000 182,500 Income statement (partial) Sales Cost of goods sold Gross profit $ 0