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 Inventories Raw materials $ 26,000 $ 41,000 Work in process 9,500 20,600 Finished goods 51,000 33,900 Activities and information for May Raw materials purchases (paid with cash) 186,000 Factory payroll (paid with cash) 100,000 Factory overhead Indirect materials 13,000 Indirect labor 23,000 Other overhead costs 100,500 Sales (received in cash) 1,200,000 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. *Do not consider any underapplied or overapplied overhead. Answer is not complete. Work in Process (WIP) Raw Materials (RM) 26,000 13,000 Indirect materials April 30 April 30 9,500 Cost of goods manuf. RM purchases 186,000 182,000 X DM used DM used DL used Overhead applied May 31 OOOOO May 31 17,000 9,500 Factory Overhead Finished Goods (FG) 51,000 Cost of goods sold Indirect materials April 30 Cost of goods manuf. > Indirect labor OOO Other overhead costs May 31 51,000 0 X Answer is not complete. Income statement (partial) Sales $ 1,200,000 Cost of goods sold Gross profit $ 1.200.000