Marcelino Co.'s March 31 inventory of raw materials is $83,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $24,000; factory rent, $37,000; factory utilities, $20,000; and factory equipment depreciation, $61,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 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			$	44,000
Direct labor			25,000				14,000
Applied overhead			12,500				7,000
Costs during April
Direct materials			135,000				215,000			$	110,000
Direct labor			103,000				155,000				103,000
Applied overhead			?				?				?
Status on April 30	Finished (sold)				Finished (unsold)					In process

Problem 02-1A Part 4

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