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Marshall Corp. uses a job order cost accounting system and worked only on Job 101 during the current period. Job 101 was sold for $460,000.

Marshall Corp. uses a job order cost accounting system and worked only on Job 101 during the current period. Job 101 was sold for $460,000. The following information pertains to costs incurred for Job 101.

Direct Materials

$90,000

Indirect Materials

$30,000

Direct Labor

$130,000

Indirect Labor

$75,000

Depreciation of Machinery

$10,000

Factory Supplies

$8,000

Overhead Application Rate

90% of direct labor

Determine the amount of gross profit earned on Job 101.

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