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 specialorder security products and uses a job order costing system. April 30 May 31 $ $35,000 9,900 63,000 47,000 20,700 33,900 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 192,000 150,000 12,000 34,500 114,000 1,900,000 55% Exercise 15-7 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. Raw Materials (RM) 35,000 12,000 Indirect materials 192,000 168,000 DM used April 30 April 30 RM purchases Cost of goods manuf. Work in Process (WIP) 9,900 168,000 115,500 DM used DL used Overhead applied May 31 May 31 47,000 293,400 Finished Goods (FG) Inventory 63,000 Cost of goods sold Factory Overhead 12,000 April 30 Indirect materials Overhead applied Cost of goods manuf. Indirect labor 34,500 Other overhead costs 114,000 May 31 63,000 Underapplied OH 160,500 Income statement (partial) Sales $ 1,900,000 Cost of goods sold Gross profit $ 1,900,000