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Required information Use the following information to answer questions [The following information applies to the...

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Accounting

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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 April se May 31 Inventories Raw materials $ 27,000 $ 5e,eee Work in process 9,800 18,500 Finished goods 55,000 34,700 Activities and information for May Raw materials purchases (paid with cash) 178,000 Factory payroll (paid with cash) 150, een Factory overhead Indirect materials 12,000 Indirect labor Other overhead costs 115,000 Sales (received in cash) 1.200,000 Predetermined overhead rate based on direct labor cost SSX 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 overopplied overhead "Do not consider any underapplied or overapplied overhead Raw Materials (RM) Work in Process (WIP) Finished Goods (FG) Inventory Factory Overhead Income statement (partial)

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