Use the following information to answer questions 7-11 [The following information applies to the questions displayed below The following information is available for Lock-Tite Company, which produces specia order security products and uses a job order costing system. April 30 May 31 Inventories Raw materials Work in process $43,000 $ 40,000 9,000 20.700 64,000 33,800 Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 176,000 200,000 Indirect materials Indirect labor Other overhead costs 16,000 46,000 95,000 1,300,000 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. ok nt nces Do not consider any underapplied or overapplied overhead