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Question: the following information is available for lock tite company which...

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The following information is available for Lock- Tite Company, which produces special-order secuity products and uses a job order costing system. Inventories Raw materials Work in process Finished goods $34,000 9, 800 57,000 34,000 20, 000 33, 400 Activities and information for May Raw materials purchases (paid with cash) Factory payroll (paid with cash) Factory overhead 194,000 200, 000 Indirect materials Indirect labor Other overhead costs 18,000 46, 000 105,000 1,800, 000 551 Sales (received in cash) Predetermined overhead rate based on direct labor cost 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. Raw Materials (RM) Work in Process (WIP) April 30 34,000 Apnil 30 9,800 9,800 34,000 Fact Finished Goods (FG)
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