Marco Company shows the following costs for three jobs worked on in April.

Job 306 Job 307 Job 308

Balances on March 31 Direct materials used (in March) $ 26,000 $ 45,000

Direct labor used (in March) 22,000 17,000

Overhead applied (March) 11,000 8,500

Costs during April Direct materials used 136,000 215,000 $ 115,000

Direct labor used 105,000 150,000 105,000

Overhead applied ? ? ?

Status on April 30 Finished (sold) Finished (unsold) In process

Additional Information Raw Materials Inventory has a March 31 balance of $88,000. Raw materials purchases in April are $590,000, and total factory payroll cost in April is $390,000. Actual overhead costs incurred in April are indirect materials, $51,000; indirect labor, $30,000; factory rent, $30,000; factory utilities, $21,000; and factory equipment depreciation, $51,000. Predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April.

5-a. Compute gross profit for April.

5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.