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)	$ 30,000	$ 44,000
Direct labor used (in March)	24,000	17,000
Overhead applied (March)	12,000	8,500
Costs during April
Direct materials used	136,000	220,000	$ 115,000
Direct labor used	103,000	154,000	105,000
Overhead applied	?	?	?
Status on April 30	Finished (sold)	Finished (unsold)	In process

Additional Information

1. Raw Materials Inventory has a March 31 balance of $82,000.
2. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $382,000.
3. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $20,000; factory rent, $31,000; factory utilities, $22,000; and factory equipment depreciation, $53,000.
4. Predetermined overhead rate is 50% of direct labor cost.
5. Job 306 is sold for $655,000 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.

Required information [The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April. Job 306 Job 307 Job 308 Balances on March 31 $ 44,000 Direct materials used (in March) Direct labor used (in March) Overhead applied (March) Costs during April $ 30,000 24,000 12,000 17,000 8,500 136,000 Direct materials used Direct labor used Overhead applied 220,000 154,000 103,000 ? $ 115,000 105,000 ? ? Finished (unsold) Finished (sold) Status on April 30 In process Additional Information a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $382,000. c. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $20,000; factory rent, $31,000; factory utilities, $22,000; and factory equipment depreciation, $53,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 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. Complete this question by entering your answers in the tabs below. Req 5A Req 5B Compute gross profit for April. Gross profit rco 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) $ 30,000 $ 44,000 Direct labor used (in March) Overhead applied (March) 24,000 12,000 17,000 8,500 Costs during April 136,000 220,000 Direct materials used Direct labor used Overhead applied 103,000 154,000 $ 115,000 105,000 ? ? Finished Status on April 30 Finished (sold) (unsold) In process Additional Information a. Raw Materials Inventory has a March 31 balance of $82,000. b. Raw materials purchases in April are $550,000, and total factory payroll cost in April is $382,000. c. Actual overhead costs incurred in April are indirect materials, $57,000; indirect labor, $20,000; factory rent, $31,000; factory utilities, $22,000; and factory equipment depreciation, $53,000. d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $655,000 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. Complete this question by entering your answers in the tabs below. Req 5A Req 5B Show how the three inventory accounts are reported on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories 0