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	$	41,000			$	45,000
Work in process		9,600				20,400
Finished goods		56,000				33,700
Activities and information for May
Raw materials purchases (paid with cash)						192,000
Factory payroll (paid with cash)						150,000
Factory overhead
Indirect materials						14,000
Indirect labor						34,500
Other overhead costs						108,500
Sales (received in cash)						1,400,000
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.

*Do not consider any underapplied or overapplied overhead.

Income statement (partial)
Sales	$1,400,000
Cost of goods sold
Gross profit	$1,400,000

Raw Materials (RM)					Work in Process (WIP)
April 30	41,000	14,000	Indirect materials		April 30	9,600		Cost of goods manuf.
RM purchases	192,000	(153,500)	DM used		DM used	(153,500)
					DL used	115,500
					Overhead applied	63,525
May 31	372,500				May 31	35,125
Finished Goods (FG) Inventory					Factory Overhead
April 30	56,000		Cost of goods sold		Indirect materials	14,000	63,525	Overhead applied
Cost of goods manuf.					Indirect labor	34,500
					Other overhead costs	108,500
April 30	56,000