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 $ $37,000 10,000 54,000 May 31 39,000 20.600 33,600 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 189,000 150,000 16,000 34,500 108,000 1,300,000 Exercise 15-7 Cost flows in a job order costing system LO P1, P2, P3, 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. Required information Raw Materials (RM) 37,000 16,000 Indirect materials 189,000 194,000 April 30 RM purchases Cost of goods manuf. April 30 DM used DL used Process (WIP) 10,000 189,000 115,500 | May 31 T 16,000 314,500 Finished Goods (FG) Factory Overhead April 30 Cost of goods sold Indirect materials Overhead applied Cost of goods manul 13 1 19121 212 31 TI 11 HA Income statement (partial) Sales Cost of goods sold Gross profit $ 0