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Part 1 of 4 Required information 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 20 points Apr 30 May 31 $ $30,000 9.500 67.000 58,000 18,600 34,800 Inventories Raw materiale Work in process Finished goods Activities and Information for May Baw materiale purchase (paid with cash) Tactory payroll (paid with canh Factory overhead Indirect materials Indirect labor Orber overbead costs sales received in canh) Fredetermined overhead rate based on direct labor cost 176.000 200.000 13.000 46.000 95.000 1,100,000 558 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 April 30 RM purchases Raw Materials (RM) 30.000 174.000 13,000 indirect materials 133.000 OM OD 58,000 Answer is complete but not entirely correct. Work in Process (W) Apel 30 9.500 DM used 133,000 DLUND 200.000 Overhead appled 190.000 433,900 May 31 16.000 OOO Cost of goods manut May 31 Factory Overhead 13,000 si Finished Goods (oj Inventory 67.000 465,100 Cost of goods sold 433.900 April 30 Cost of goods marul Indirect materials Indret bor 40.000 Olhar overhead costs O 96.000 May 31 34.300 110,000 Overhead oplied Underapplied OH 44.000 Answer is complete but not entirely correct Incomutatomet (partiah) 5 1.100.000 Cost of goods sold 456,100 Grossrolt $633,300