Compute gross profit and present inventories. 4A and 4B

Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $81,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $387,000. Overhead costs incurred in April are: indirect materials, $58,000; indirect labor, $28,000; factory rent, $35,000; factory utilities, $24,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $680,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 25,000 23,000 11,500 $ 44,000 15,000 7,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead 220,000 154,000 131,000 101,000 ? Finished (sold) $110,000 104,000 ? In process Status on April 30 Finished (unsold) Required: 1. Determine the total of each production cost incurred for April (direct labor, direct materials, and applied overhead), and the total cost assigned to each job (including the balances from March 31). Job 306 Job 307 Job 308 April Total From March Direct Materials $ 69,000 25,000 23,000 11,500 Direct Labor Applied overhead Beginning goods in process For April 44,000 15,000 7,500 66,500 38,000 19,000 126,000 | $ 59,500 $ 0 Direct Materials 110,000 Direct Labor 104,000 131,000 101,000 50,500 282,500 220,000 154,000 77,000 451,000 461,000 359,000 179,500 999,500 Applied overhead Total costs added in April 52,000 266,000 Total costs (April 30) 342,000 517,500 266,000 $ 1,125,500 In process Status on April 30 April 30 cost included in: Finished (sold) Cost of goods sold Finished (unsold) Finished goods inventory Work in process inventory 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Compute gross profit for April. Gross profit Required 4A Required 4B > 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories $ 0