[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 9,500 61,000 41,000 19,400 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 194,000 200,000 9,000 46,000 119,000 1,600,000 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. "Do not consider any underapplied or overapplied overhead. Work In Process (WIP) Raw Materials (RM) 26,000 9,000 April 30 Indirect materials April 30 Cost of goods manut RM purchases 194,000 X DM used x DM used DL used Overhead applied May 31 May 31 211,000 0 Finished Goods (FG) Inventory Factory Overhead x Indirect materials x April 30 Cost of goods manut. x Indirect labor Other overhead costs May 31 0 Underapplied OH "Red text inocates no response was expected in a celor a formule-based calculation is incorrect no points deducted. 0 Income statement (partial) Sales X Cost of goods sold Gross profit 0 "Red text indicates no response was expected in a cell or a formula-based calculation is incorrect, no points deducted