The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Inventories Raw materials Work in process Finished goods $43,000 52,000 21,300 35, 600 10,200 63,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 210,000 345,000 Indirect materials Indirect labor Other overhead costs 15,000 80,000 120,000 ,400,000 Sales (received in cash) Predetermined overhead rate based on direct. labor cost 70% Exercise 2-7 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