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 Inventories Raw materials Work in process Finished goods $49,000 9,600 60,000 18,300 56,000 34,600 Activities and information for May 180,000 Raw materiale purchases (paid with cash) Factory payroll (paid with cash) 250,000 Factory overhead 11,000 Indirect materials Indirect labor $7,500 Other overhead costs 96,500 Sales (received in cash). 1,900,000 Predetermined overhead rate based on direct labor cost 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. $ Required information 4. Cost of goods sold 5. Gross profit 6. Overapplied or underapplied overhead "Do not consider any underapplied or overapplied overhead Rew Materiale (RM) Apr 30 40.000 11,000 direct materials RM purchases 180.000 169.000 OM used May 31 Apr 30 Cost of goods manut May 31 40,000 Finished Goods (FG) very 56,000 54,000 ome statement (partiall Apr 30 OM Used Du May 31 Work in Process 9.600 169.000 175.000 Factory Overhead