March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are indirect materials, $55,000; indirect labor, $28,000; factory rent, $32,000; factory utilities, $23,000, and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $635,000 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 $ 20,000 5 41,000 Direct labor 23,000 15,000 Applied overhead 11,500 7,500 Costs during April Direct materials 132,000 210,000 $105,000 Direct labor 106,000 151,000 102,000 Applied overhead Finished Finished Status on April 30 (sold) (unsold) process 7 2 In 4.a. Compute gross profit for April 4.b. Show how to present the inventories on the April 30 balance sheet