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 $ $49,000 9,700 70,000 51,000 18,400 33,900 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 194,000 300,000 11,000 69,000 97,500 1,100,000 55% Exercise 15-7 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. "Do not consider any underapplied or overapplied overhead. Work in Process (WIP) April 30 RM purchases Raw Materials (RM) 49.000 11.000 indirect materials 1940001 232,000 Overhead and May 31 0 Factory Overhead Finished Goods (FG) 0.0001 indirect matras Overhead led Apr 30 Cost of goods manut Indirect labor Cost of goods sold other overhead costs May 31 7 0.000 Underlied out Cost of goods sold Other overhead costs 70.000 Underapplied OH Income statement (partial) Cost of goods sold