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 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost April 30 $26,000 9,200 65,000 May 31 $ 51,000 20,200 34,800 196,000 250,000 13,000 57,500 102,500 1,600,000 55X 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) Finished Goods (FG) Inventory Work in Process (WIP) Factory Overhead Check my work Required information "Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Finished Goods (FG) Inventory Work in Process (WIP) Factory Overhead Income statement (partial) 13