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 special order security products and uses a job order costing system. April 30 May 31 Inventories $43,000$ 40,000 Raw materials Work in process 9,000 64,000 33,800 20,700 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 55% labor cost