[The following information applies to the questions displayed below.] The following information is available for Lock-Tite...

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[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 $34,000 9,400 $ 47,000 18,000 Finished goods 66,000 33,100 Activities and information for May Raw materials purchases (paid with cash) 174,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 12,000 Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 46,000 114,500 2,000,000 55% 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. [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 $34,000 9,400 $ 47,000 18,000 Finished goods 66,000 33,100 Activities and information for May Raw materials purchases (paid with cash) 174,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 12,000 Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 46,000 114,500 2,000,000 55% 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.