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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 30 May 31 $ $ 27,eee 9,780 62,eee 52,eee 19,900 33, 180 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 181,600 288, eee 8,eee 46,eee 184, eee 1,500,eee 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 Raw Materials (RM) 27,000 8,000 Indirect materials 181,000 DM used Cost of goods manuf RM purchases April 30 DM used DL used Overhead applied May 31 May 31 200,000 Factory Overhead Finished Goods (FG) 62,000 Cost of goods sold Indirect materials Overhead applied April 30 Cost of goods manuf Indirect labor Other overhead costs May 31 82,000 Underapplied OH Income statement (partial) Sales Cost of goods sold Gross profit $ 0

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