4.1 Compute gross profit for April. Answer is complete but not entirely correct. Gross Profit $ 329,000 4.2 Show how to present the inventories on the April 30 balance sheet. & Answer is not complete. Inventories Raw materials Work in process Finished goods Total inventories Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materiais purr $560,000, and factory payroll cost in April is $382.000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $29,000; factory rent, $38,000; factory utilities, $23,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $695,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 28,000 22,000 11,000 $ 44,000 13,000 6,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 133,000 100,000 215,000 150,000 $ 115,000 103,000 Finished (sold) Pinished (unsold) In process 3. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Direct materials used 463,000 Direct labor used 353,000 Factory overhead applied 176,500 Total manufacturing costs 992,500 Add: Work in process March 31 124,500 Total cost of work in process 117,000 Less: Work in process April 30 269,500 Cost of goods manufactured $ 847,500