Compute gross profit for April

Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $60,000; indirect labor, $23,000; factory rent, $36,000; factory utilities, $22,000; and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $660,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 Balances on March 31 Direct materials $ 28,000 $ 41,000 Direct labor 22,000 16,000 Applied overhead 11,000 8,000 Costs during April Direct materials 138,000 205,000 $100,000 Direct labor 102,000 151,000 104,000 Applied overhead Finished Finished In Status on April 30 (sold) (unsold) process ? 4-a. Compute gross profit for April 4-b. Show how to present the inventories on the April 30 balance sheet Required 4A Required 4B Compute gross profit for April. Gross profit Required 4A Required 48 Required 4A Requirfid 4B Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories