Use the following information to answer questions [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 $ $31,000 9,300 51,000 38,000 18,100 34,600 Inventories Raw materials Work in process Finished goods Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead Indirect materials Indirect labor Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 189,000 300,000 7,000 69,000 110,000 1,600,000 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. *Do not consider any underapplied or overapplied overhead. Work in Process (WIP) Raw Materials (RM) 31,000 7,000 Indirect materials 189,000 175,000 DM used Cost of goods manuf. April 30 RM purchases April 30 DM used DL used Overhead applied May 31 May 31 38,000 Finished Goods (FG) Factory Overhead April 30 Cost of goods sold Indirect materials Overhead applied Cost of goods manuf. Indirect labor Other overhead costs 0 Income statement (partial) Sales Cost of goods sold Gross profit $ 0