Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $387,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $30,000; factory rent, $36,000; factory utilities, $19,000; and factory equipment depreciation, $51,000. 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		$	27,000			$	35,000
Direct labor			23,000				15,000
Applied overhead			11,500				7,500
Costs during April
Direct materials			132,000				220,000			$	105,000
Direct labor			101,000				154,000				102,000
Applied overhead			?				?				?
Status on April 30	Finished (sold)				Finished (unsold)					In process

rev: 03_15_2018_QC_CS-121813

4.1 Compute gross profit for April.

4.2 Show how to present the inventories on the April 30 balance sheet.