Raw Materials (RM) Work in Process (WIP) April 30 RM purchases 40,000 16,000 Indirect materials April 30 9,600 177,000 142,000 DM used M used 142,000 L used Overhead applied May 31 59,000 ay 31 151,600 Finished Goods (FG) Factory Overhead ndirect materials Indirect labor Other overhead costs April 30 Cost of goods manuf May 31 nderapplied OH Income statement (partial) 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 usesa job order costing system. April 3e May 31 Inventories Raw materials Work in process Finished goods $40,000 59,000 18,000 34,800 9,600 70,000 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 177,000 150,000 Indirect materials Indirect labor Other overhead costs 16,000 34,500 113,000 1,300,000 Sales (received in cash) Predetermined overhead rate based on direct labor cost 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