Compute gross profit for April. Show how to present the inventories on the April 30 balance sheet.

Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4

[The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $30,000; factory rent, $36,000; 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 $655,000 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			$	45,000
Direct labor			22,000				16,000
Applied overhead			11,000				8,000
Costs during April
Direct materials			135,000				220,000			$	100,000
Direct labor			101,000				153,000				104,000
Applied overhead			?				?				?
Status on April 30	Finished (sold)				Finished (unsold)					In process

Problem 15-1A Part 4

4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet.

Gross Profit=?

Raw Materials=?

Work in Progress=?

Finished Goods=?

Total Inventories=?