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 $ 41,000 $ 40,000 Work in process 9,100 20,400 Finished goods 56,000 33,000 Activities and information for May Raw materials purchases (paid with cash) 181,000 Factory payroll (paid with cash) 250,000 Factory overhead Indirect materials 16,000 Indirect labor 57,500 Other overhead costs 94,500 Sales (received in cash) 1,500,000 Predetermined overhead rate based on direct labor cost 55 % Compute the following amounts for the month of May using T-accounts. Cost of direct materials used. Cost of direct labor used. Cost of goods manufactured. Cost of goods sold.* Gross profit. Overapplied or underapplied overhead. *Do not consider any underapplied or overapplied overhead.

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	$	41,000			$	40,000
Work in process		9,100				20,400
Finished goods		56,000				33,000
Activities and information for May
Raw materials purchases (paid with cash)						181,000
Factory payroll (paid with cash)						250,000
Factory overhead
Indirect materials						16,000
Indirect labor						57,500
Other overhead costs						94,500
Sales (received in cash)						1,500,000
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.

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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	$	41,000			$	40,000
Work in process		9,100				20,400
Finished goods		56,000				33,000
Activities and information for May
Raw materials purchases (paid with cash)						181,000
Factory payroll (paid with cash)						250,000
Factory overhead
Indirect materials						16,000
Indirect labor						57,500
Other overhead costs						94,500
Sales (received in cash)						1,500,000
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.