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 $ $44,000 9,500 70,000 43,000 19,400 34,300 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 194,000 150,000 17,000 34,500 110,500 1,300,000 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. Exercise 19-10 Journal entries for overhead LO P3 1. Incurred other overhead costs (record credit to Other Accounts). 2. Application of overhead to work in process. Prepare journal entries for the above transactions for the month of May. View transaction list 1 Record other factory overhead costs (excluding indirect materials and indirect labor). Record credit to Other Accounts. indirect 2 Record the application of overhead to work in process