Marcelino Co's March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $550,000, and factory payroll cost in April is $381000 Overhead costs incurred in April are: indirect materials. $55,000: indirect labor, $22.000 factory rent, $39,000, factory utilities, $20,000: and factory equipment depreciation $56,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $650000 cash in April. Gosts of the three jobs worked on in April follow

Problem 15-1A Part 4 4.1 Compute gross profit for April. Gross Profit 4.2 Show how to present the inventories on the April 30 balance sheet Inventories Raw materials Work in process Finished goods Total inventories Required information P2, P3, P4 [The following information applies to the questions displayed below Marcelino Co.'s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are Problem 15-1A Production costs computed and recorded: reports prepared LO C2, P1 $550,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $55,000; indirect labor, $22,000; factory rent, $39,000: factory utilities, $20,000: and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April. Costs of the three jobs worked on in April follow Job 386 Job 387 Job 308 Balances on March 31 Direct materials Direct labor Applied overhead $ 32,000 22,080 11,000 36,000 17,000 8,500 Costs during April 131,e00 105,000 Direct materials Direct labor Applied overhead Status on April 3e 156,000 104,900 FinishedFinished In process (unsold) (sold)