ter 15 Graded Exercises Savod Help Save & Exit Submit Check my work B of 4 The following information is available for Lock-Tite Company, which produces special-order security products and uses a job order costing system. Inventories April 30 May 31 Raw materials $49,000 $ 36,000 Work in process 9,900 19, 700 Finished goods 61,000 34,500 Activities and information for May Raw materials purchases (paid with cash) 182,000 Factory payroll (paid with cash) 250,000 Factory overhead Indirect materials 13,000 Indirect labor 57,500 Other overhead costs 120,000 Sales (received in cash) 1,500,000 Predetermined overhead rate based on 55% direct labor cost Check my work 3 Check my work Ft 1 of 4 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. 1 Book "Do not consider any underapplied or overapplied overhead, Print forences April 30 RM purchases Raw Materials (RM) 49,000 13,000 indirect materials 250,000 TOM used Work In Process (WIP) 9,900 April 30 OM used Olused w 3 Check my work Required information April 30 RM purchases w Materials (RM) 49.000 13.000 indirect materials 250.000 TOM ured Work in Process (WIP) 9.900 April 30 DM used DL used Overhead applied Muay 31 286.000 9.900 book Finished Goods (FC) Inventory indirect materias Factory Overhead 13.000 Overhand applied indirect labor 57.500 Other overhead cost 120,000 190.500 0 15 ! Required information rt 1 of 4 mts Income statement (partial) eBook Hint Print erences