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 $43,690 $ 52,890 Work in process 1e, 280 21,388 Finished goods 63,090 35,600 Activities and information for May Raw materials purchases (paid with cash) 210,000 Factory payroll (paid with cash) 345,eee Factory overhead Indirect materials 15,000 Indirect labor 150,000 Other overhead costs 120,000 Sales (received in cash) 1,400,00 Predetermined overhead rate based on direct labor cost 70% 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 underappled overhead. "Do not consider any underapplied or averapplied overhead Raw W (RM) Work in Process (WIP) Finished Goods Fentory Factory Overhead 0 Income statement (partial) $ 0 1. Raw materials purchases for cash. 2 Direct materials usage. 3. Indirect materials usage. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet Record the entry for direct labor usage. Note: Enter debits before credits Transaction General Journal Debit Credit 1. Incurred other overhead costs (record credit to Other Accounts). 2 Applied overhead to work in process. Prepare journal entries for the above transactions for the month of May. View transaction list Journal entry worksheet