You received partial credit in the previous attempt Required information 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. Apr 1330 $ 47,000 9,800 70,000 May 31 $ 35,000 18,200 34,300 . Inventories Raw materials work in process Finished goods Activities and Information for May Raw materials purchases (paid with cash) Pactory 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 172,000 250,000 8,000 57,500 91,000 1,800,000 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. "Do not consider any underapplied or overapplied overhead. April 30 RM purchases Raw Materials (IM) 47,000 172 000 8,000 indirect materials 173.000 DM used 38,000 April 30 DM used DL used Overhead applied May 31 Work in Process (WIP 9,800 173,000 165,000 90.750 438,550 May 31 Floited Goods 70,000 Factory Overhead 8,000 Indirect materials April 30 420 350 Cost of goods manul 57500 Indirect labor 456,150 Cost of goods manuf 91 000 Overhead applied other overhead costs May 31 34200 90.750 247 250 Income statement (partial) Sales Cost of goods sold Gross profit s 0