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 specialorder security products and uses a job order costing system. April 30 May 31 $ $44,000 9,700 57,000 59,000 19,400 34,000 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 171,000 150,000 17,000 34,500 104,500 1,200,000 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. Work in Process (WIP) April 30 RM purchases Raw Materials (RM) 44,000 17,000 Indirect materials 139,000 DM used 171,000 May 31 59,000 Finished Goods (FG) Inventory Factory Overhead Income statement (partial)