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 $ $ 26,000 9,200 53,000 55,000 19,700 34,600 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 186,000 250,000 7,000 57,500 92,500 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. *Do not consider any underapplied or overapplied overhead. Work in Process (WIP) April 30 Raw Materials (RM) 26,000 7,000 Indirect materials 186,000 150,000 DM used RM purchases May 31 55,000 0 Finished Goods (FG) Inventory Factory Overhead Indirect materials Overhead applied Indirect labor 57,500 Other overhead costs 92,500 0 Overapplied OH 150,000 Income statement (partial) $ 0