The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system April 36e May 31 Inventories Raw materials Work in process Finished goods $30,000 55,000 21,000 34,500 9,700 58,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 187,000 200,000 Indirect materials Indirect labor Other overhead costs 17,000 46,000 96, 500 1,200,000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 55% 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