Please Confirm Sample Question:

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 Inventories Raw materials $45,080 47,090 Work in process 9,789 20, 300 Finished goods 58,989 33, 580 Activities and information for May Raw materials purchases (paid with cash) 181, 090 Factory payroll (paid with cash) 30e, Bee Factory overhead Indirect materials 15,980 Indirect labor 69,090 Other overhead costs 117, 080 Sales (received in cash) 1, 190, 080 Predetermined overhead rate based on direct labor cost 55% ompute the following amounts for the month of May using T-accounts. Cost of direct materials used. Cost of direct labor used Cost of goods manufactured. Cost of goods sold.* Gross profit. Overapplied or underapplied overhead. do not consider any underapplied or overapplied overhead. Raw Materials (RM) Work in Process (WIP) April 30 15,00 5,000 Indirect materials April 30 9,700 511,450 Cost of goods manuf. AM purchases 181,000 164,000 DM used DM used 164,000 DL used 231,000 Overhead applied 27,050 May 31 47.000 May 31 0,300 Finished Goods (FG) Inventory Factory Overhead April 30 68,000 635,950 Cost of goods sold Indirect materials 5,00 127,050 Overhead applied Cost of goods manuf. 511,450 Indirect labor 39,000 Other overhead costs 117,000 May 31 3,500 Underapplied OH 73,950 income statement (partial) aler $ 1,100,000 Cost of goods sold 535,850 ross profit 564,050