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 uses a job order costing system. April 30 May 31 $ $49,000 9,600 69,000 43,000 19,400 33,500 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 192,000 100,000 17,000 23,000 119,000 1,600,000 55% cise 02-7 Cost flows in a job order costing system LO P1, P2, P3, P4 Compute the following amounts for the month of May using T-ac 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. Do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead 0