Required Information Use the following Information to answer questions [The following information applies to the questions displayed below

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 o job order costing system. April 3e May 31 Inventories Raw materials $44,000 39,000 Work in process 9.ae 20.100 Finished goods 64.ee 34,500 Activities and information for May Raw materials purchases (paid with cash 193,20 Factory payroll (paid with cash) 10e,asa Factory overhead Indirect materials 10,000 Indirect labor 23,cea Other overhead casts 115,5ea Sales (received in cash) 1,600.000 Predetermined overhead rate based on direct labor cost 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-sccounts. 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. Raw Materiale (RM) Work in Process (WIP) April 30 Cost of goods manu April 30 RM purchases DM used Indirect materials DL used May 31 May 31 Finished Goods (FG) Factory Overhead April 30 Cast of goods manul (May 31 0 Other overhead costs Income statement(partian Sales $1,600,000 Cost of goods sold Gross profit 1.800.000