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 $31,000 $ 31,000 Work in process 9,300 19,000 Finished goods 64,000 35,000 Activities and information for May Raw materials purchases (paid with cash) 185,000 Factory payroll (paid with cash) 200,000 Factory overhead Indirect materials Indirect labor 6,000 46,000 Other overhead costs 96,000 Sales (received in cash) 1,600,000 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. Raw Materials (RM) April 30 31,000 6,000 RM purchases 185,000 185,000 Overhead applied April 30 Cost of goods manuf. 25,000 Finished Goods (FG) Inventory Work in Process (WIP) April 30 Cost of goods manuf. DM used DL used Overhead applied May 31 Factory Overhead Other overhead costs Overhead applied Indirect labor Underapplied OH Required information Raw Materials (RM) Work in Process (WIP) April 30 31,000 6,000 April 30 Cost of goods manuf. RM purchases 185,000 185,000 DM used Overhead applied DL used 25,000 Overhead applied May 31 Finished Goods (FG) Inventory Factory Overhead April 30 Cost of goods manuf. Other overhead costs Overhead applied Indirect labor Income statement (partial) Sales Cost of goods sold Gross profit 0 $ 0 Underapplied OH