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 $31,800 $ 53,000 Work in process 9,200 18,300 Finished goods 53.000 34,600 Activities and information for May Raw materials purchases (paid with cash) 194,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials 13,800 Indirect labor 46,000 Other overhead costs 96,500 Sales (received in cash) 1,700,000 Predetermined overhead rate based on direct labor cost 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. X Answer is not complete. Raw Materials (RM) Work in Process (WIP) April 30 April 30 Cost of goods 172,000 DM used DM used 459 900 Cost of goods manuf manuf Sales Cost of goods sold 31,000 194,000 53,000 106.000 DL used Overhead applied 9,200 159.000 200.000 April 30 91,700 Finished Goods (FG) Inventory Factory Overhead 0 Vindt X Answer is complete but not entirely correct. Income statement (partial) Sales $ 1,700,000 Cost of goods sold 432,800 X Gross profit $ 1,267,200