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 $ $35,000 9,300 51,000 55,000 19,500 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 181, eee z 200,000 15,000 46,000 103,eee 1,800, eee 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 15,000 indirect materials 181,000 76,700 DM used Work in Process (WIP) 9,300 April 30 April 30 RM purchases DM used DL used Overhead applied May 31 May 31 124.300 9,300 Finished Goods (FG) Inventory Factory Overhead 0