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 $ $29,000 9,500 65,000 56,000 19,000 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) Predetermined overhead rate based on direct labor cost 174,000 150,000 12,000 34,500 113,000 1,100,000 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. Work in Process (WIP) April 30 RM purchases Raw Materials (RM) 29,000 34,000 Indirect labor 174,000 12,000 Indirect materials DM used April 30 DM used DL used Overhead applied May 31 157,000 Finished Goods (FG) Factory Overhead 0 0 Income statement (partial)