19-1A Production costs computed and recorded; reports prepared P1 P2 P3 P4 Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000. Overhead costs incurred in April are: indirect materials, $50,000; indirect labor, $23,000; factory rent, $32,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. Page 715 Balances on March 31 Job 306 Job 307 Job 308 Direct materials $ 29,000 Direct labor 20,000 $ 35.000 18,000 Applied overhead 10,000 9,000 Costs during April Direct materials 135,000 220,000 $100,000 Direct labor 85,000 150,000 105,000 Applied overhead ? Status on April 30 Finished (sold) Finished (unsold) In process 3. Prepare a schedule of cost of goods manufactured. (3) Cost of goods manufactured, $828,500 4. Compute gross profit for April. Show how to present the inventories on the April 30 balance sheet. 5. Over- or underapplied overhead is closed to Cost of Goods Sold. Is this adjustment also posted to individual job cost sheets