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	$	35,000			$	52,000
Work in process		10,000				20,700
Finished goods		51,000				33,300
Activities and information for May
Raw materials purchases (paid with cash)						173,000
Factory payroll (paid with cash)						250,000
Factory overhead
Indirect materials						9,000
Indirect labor						57,500
Other overhead costs						94,000
Sales (received in cash)						1,100,000
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

Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead Income statement (partial)