The following 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 $33,000 $ 54,000 Work in process 9,400 18, 200 Finished goods 53,000 33, 400 Activities and information for May Raw materials purchases (paid with cash) 176,000 Factory payroll (paid with cash) 150,000 Factory overhead Indirect materials 7,000 Indirect labor 34,500 Other overhead costs 117,500 Sales (received in cash) 1,400,000 Predetermined overhead rate based on direct labor cost 555 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. April 30 Raw Materials (RM) 33,000 176,000 April 30 Work in Process (WIP) 9,400 176,000 RM purchases 209,000 185,400 Factory Overhead Finished Goods (FG) Inventory 53,000 April 30 Indirect materials 7,000 Indirect labor 34,500 53,000 Other overhead costs 117,500 159,000 Income statement (partial) Sales $ 1,400,000 Cost of goods sold 53,000 Gross profit $ 1,347,000