The following information applies to the questions displayed below.] The following information is available for Lock-Tite Company,...

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The following information applies to the questions displayedbelow.] The following information is available for Lock-TiteCompany, which produces special-order security products and uses ajob order costing system. April 30 May 31 Inventories Raw materials$ 28,000 $ 60,000 Work in process 9,500 20,900 Finished goods50,000 34,300 Activities and information for May Raw materialspurchases (paid with cash) 176,000 Factory payroll (paid with cash)200,000 Factory overhead Indirect materials 11,000 Indirect labor46,000 Other overhead costs 100,500 Sales (received in cash)1,400,000 Predetermined overhead rate based on direct labor cost 55% Compute the following amounts for the month of May usingT-accounts. Cost of direct materials used. Cost of direct laborused. Cost of goods manufactured. Cost of goods sold.* Grossprofit. Overapplied or underapplied overhead. *Do not consider anyunderapplied or overapplied overhead.

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GIVEN April 30 May 31 Inventories in Raw materials 28000 60000 Work in process 9500 20900 Finished goods 50000 34300 Activities and information for May Raw materials purchases paid with cash 176000 Factory payroll paid with cash 200000 Factory overhead Indirect materials 11000 Indirect labor 46000 Other See Answer

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