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 $43,000 $ 52,000 Work in process 10,200 21,300 Finished goods 63,000 35,600 Activities and information for May Raw materials purchases (paid with canh) 210,000 Pactory payroll (paid with cash) 345,000 Factory overhead Indirect materials 15,000 Indirect labor 80,000 other overhead coats 120,000 Sales (received in canh) 1,400,000 Predetermined overhead rate based on direct labor cost 700 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. 8 7. of 8 !!! Next > Required information Work in Process (WIP) April 30 RM purchases Raw Materials (RM) 15,000 OM used Indirect materials Cost of goods and April 30 OM used Olused Overhead applied May 31 15,000 May 31 Finished Goods (FG) Inventory Factory Overhead 15.000 Overhead applied April 30 Cost of goods manut indirect materials Indirect labor Omer overhead cost Com of goods sold 15.000 cences Underapplied OH May 31 income statement (partial) Sales Cost of goods sold Gross profit 9 7 of B Next >