[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 9,700 52,000 57,000 18,400 33,900 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 180,000 200,000 7,000 46,000 104,500 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. *Do not consider any underapplied or overapplied overhead. X Answer is complete but not entirely correct. April 30 April 30 Raw Materials (RM) 26,000 180,000 7,000 Work in Process (WIP) 9,700 142,000 141,300 X RM purchases DM used Indirect materials DL used 142,000 DM used Overhead applied 77,715 352,315 Cost of goods manuf. May 31 57,000 May 31 18,400 Finished Goods (FG) Inventory 52,000 Factory Overhead 7,000 77,715 X Overhead applied April 30 Indirect materials Cost of goods manuf. 352,315 X Indirect labor 46,000 370,415 X Cost of goods sold Other overhead costs 104,500 May 31 33,900 Underapplied OH 79,785 X Answer is complete but not entirely correct. Income statement (partial) Sales $ 1,100,000 Cost of goods sold 370,415 Gross profit $ 729,585