Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $24,000; factory rent, $31,000; factory utilities, $23,000; and factory equipment depreciation, $59,000. 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. 4.1 Compute gross profit for April. Show how to present the inventories on the April 30 balance sheet.

	Job 306				Job 307				Job 308
Balances on March 31
Direct materials		$	29,000			$	43,000
Direct labor			24,000				13,000
Applied overhead			12,000				6,500
Costs during April
Direct materials			134,000				210,000			$	110,000
Direct labor			101,000				153,000				102,000
Applied overhead			?				?				?
Status on April 30	Finished (sold)				Finished (unsold)					In process