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Required Information [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 May 31 $ $48,000 9,400 57,000 51,000 20,800 34,400 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 194,000 200,000 17,000 46,000 115,000 1,500,000 55% 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. Raw Materials (RM) 48,000 Work In Process (WIP) 9,400 April 30 RM purchases 194,000 April 30 DM used DL used Overhead applied 17,000 indirect materials DM used Cost of goods manuf. May 31 225,000 May 31 9.400 Finished Goods (FG) Inventory Factory Overhead April 30 Indirect materials Overhead applied Cost of goods manuf. Indirect labor Cost of goods sold Other overhead costs May 31 0 Underapplied OH 0 Income statement (partial) Sales Cost of goods sold Gross profit $ 0

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