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 Ar May 31 Inventories Raw materials 3 work in process 9. 20. Finished goods 70. activities and information for May Kwaterial purchases (paid with cash) 17. Factory payroll (paid with cack) Indirect 14.00 Indirect labor 16.000 other overhead costs Sales (received in cash) 2.000 Predetermined overhead rate based on direct labor cost Factory ever est eaterials 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 Taccounts. 1. Cost of direct materials used 2. Cost of direct laborused 2. 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 (WP) Raw Materiais Factory Overhead Finished Goods (FG) eventory Income statement partial 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 Ar May 31 Inventories Raw materials 3 work in process 9. 20. Finished goods 70. activities and information for May Kwaterial purchases (paid with cash) 17. Factory payroll (paid with cack) Indirect 14.00 Indirect labor 16.000 other overhead costs Sales (received in cash) 2.000 Predetermined overhead rate based on direct labor cost Factory ever est eaterials 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 Taccounts. 1. Cost of direct materials used 2. Cost of direct laborused 2. 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 (WP) Raw Materiais Factory Overhead Finished Goods (FG) eventory Income statement partial