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. Inventories Raw materials April 30 May 31 $34,000 9,400 $ 46,000 18,200 Work in process Finished goods 66,000 Factory overhead Activities and information for May Factory payroll (paid with cash) Indirect materials Raw materials purchases (paid with cash) Indirect labor 35,000 175,000) 300,000 17,000 69,000 Other overhead costs Sales (received in cash) Predetermined overhead rate based on direct labor cost 112,500 55% 1,100,000