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Required information

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

$\backslash$table$[[$Balances on March $31,$Job $306,$Job $307,$Job $308],[$Direct materials used $($in March$),$$$30,200,$$$36,200,],[$Direct labor used $($in March$),21,200,19,200,],[$Overhead applied $($March$),11,200,10,200,],[$Costs during April,,,$],[$Direct materials used,$138,000,223,000,$$$],[\backslash$table$[[$Direct labor used$],[$Overhead applied$]],86,200,153,000,108,000],[$Status on April $30,\backslash$table$[[$Finished$],[($sold$)]],\backslash$table$[[$Finished$],[($unsold$)]],\backslash$table$[[$In$],[$process$]]]]$

Additional Information

a$.$ Raw Materials Inventory has a March $31$ balance of $$81,200.$

b$.$ Raw materials purchases in April are $$503,000,$ and total factory payroll cost in April is $$366,000.$

c$.$ Actual overhead costs incurred in April are indirect materials, $$50,750$; indirect labor, $$23,750$; factory rent, $$32,7$ factory utilities, $$19,750$; and factory equipment depreciation, $$51,750.$

d$.$ Predetermined overhead rate is $50\%$ of direct labor cost.

e$.$ Job $306$ is sold for $$638,000$ 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.

Compute gross profit for April.

Gross profit