O Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $87,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $385,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $29,000 factory rent, $38,000, 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 $670,000 cash in April. Costs of the three jobs worked on in April follow Job 306 Job 307 Job 308 $ 31,000 23,000 11,500 $ 35,000 17,000 8,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 210,000 151,000 133,000 103,000 2 Finished (sold) $105,000 102,000 ? In process Finished (unsold) 4-a. Compute gross profit for April 4-b. Show how to present the inventories on the April 30 balance sheet