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 $ 41,000 $ 47,000 Work in process 9,300 18,300 Finished goods 58,000 33,700 Activities and information for May Raw materials purchases (paid with cash) 180,000 Factory payroll (paid with cash) 310,000 Factory overhead Indirect materials 17,000 Indirect labor 62,000 Other overhead costs 103,000 Sales (received in cash) 1,500,000 Predetermined overhead rate based on direct labor cost 55 % 3. Required information Compute the following amounts for the month of May using T-accounts for Raw Materials, Work In Process, Factory Payroll, Finished Goods, Factory Overhead. 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. whats the Income Statement (Partial)