The following information is available for Lock-Tite Company, which produces speci security products and uses a job order costing system. Inventories Raw materials Work in process Finished goods $34,000 50,ee0 20,180 59,e0933,480 9,100 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 186,000 250,8ee Indirect materials Indirect labor Other overhead costs 9,0e0 57,58e 103,5ee 1,9ee,eee Sales (received in cash) Predetermined overhead rate based on direct labor cost 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 overheacd INSIGNIA