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 $36,000 $ 48,000 Work in process 9,300 20,600 Finished goods 61,000 34,400 Activities and information for May Raw materials purchases (paid with cash) 184,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 9,000 Indirect labor 34,500 Other overhead costs 110,000 Sales (received in cash) 1,900,000 Predetermined overhead rate based on direct labor cost 554 Exercise 19-7 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 6. Overapplied or underapplied overhead, "Do not consider any underapplied or overapplied overhead. Work In Process (WIP) April 30 RM purchases Raw Materiais (RM) 36,000 15.000 Indirect materials 184.000 DM used 205,000 Finished Goods (FG) Factory Overhead Income statement (partial) $ 0