Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $367,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $29,000; factory rent, $34,000; factory utilities, $22,000; and factory equipment depreciation, $53,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $630,000 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 $ 31,000 $ 35,000 Direct labor 21,000 18,000 Applied overhead 10,500 9,000 Costs during April Direct materials 130,000 205,000 $ 110,000 Direct labor 105,000 152,000 100,000 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Item10 Part 2 of 4 0.31 points eBook Ask Print References Check my work Check My Work button is now disabledItem 10 Item 10 Part 2 of 4 0.31 points Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $367,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $29,000; factory rent, $34,000; factory utilities, $22,000; and factory equipment depreciation, $53,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $630,000 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 $ 31,000 $ 35,000 Direct labor 21,000 18,000 Applied overhead 10,500 9,000 Costs during April Direct materials 130,000 205,000 $ 110,000 Direct labor 105,000 152,000 100,000 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process Problem 15-1A Part 2 Materials purchases (on credit). Direct materials used in production. Direct labor paid and assigned to Work in Process Inventory. Indirect labor paid and assigned to Factory Overhead. Overhead costs applied to Work in Process Inventory. Actual overhead costs incurred, including indirect materials. (Factory rent and utilities are paid in cash.) Transfer of Jobs 306 and 307 to Finished Goods Inventory. Cost of goods sold for Job 306. Revenue from the sale of Job 306. Assignment of any underapplied or overapplied overhead to the Cost of Goods Sold account. (The amount is not material.) 2. Prepare journal entries for the month of April to record the above transactions. 3. Prepare a schedule of cost of goods manufactured. 4.1 Compute gross profit for April. 4.2 Show how to present the inventories on the April 30 balance sheet.