Problem 19-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $377,000. Overhead costs incurred in April are: indirect materials, $60,000; indirect labor, $21,000; factory rent, $34,000; factory utilities, $20,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $700,000 cash in April. Costs of the three jobs worked on in April follow. Already computed below.

	Job 306		Job 307		Job 308		April Total
From March
Direct Materials	$26,000		$43,000				$69,000
Direct Labor	20,000		15,000				35,000
Applied overhead	10,000		7,500				17,500
Beginning goods in process	$56,000		$65,500				$121,500
For April
Direct Materials	132,000		200,000		105,000		437,000
Direct Labor	103,000		152,000		101,000		356,000
Applied overhead	51,500		76,000		50,500		178,000
Total costs added in April	286,500		428,000		256,500		971,000
Total costs (April 30)	$342,500		$493,500		$256,500		$1,092,500
Status on April 30	Finished (sold)		Finished (unsold)		In process
April 30 cost included in:	Cost of goods sold		Finished goods inventory		Work in process inventory

Problem 19-1A P4

a. Compute gross profit for April. b. Show how to present the inventories on the April 30 balance sheet.

a. Gross profit =

b.

Inventories
Raw materials
Work in process	256,500
Finished goods
Total inventories	$