Required information Problem 15-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies to the questions displayed below] Marcelino Co.'s March 31 inventory of raw materials is $89,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $28,000; factory rent, $36,000; factory utilities, $23,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April. Costs of the three jobs worked on in April follow. Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Job 306 Job 307 Job 300 $ 29,000 21,000. 10,500. $ 39,000 14,000 7,000 Direct materiala 135,000. 210,000 $110,000 Direct labor 103,000 152,000 101,000 Applied overhead 7 Finished Status on April 30 Finished (sold) (unsold) In process Problem 15-1A Part 4 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet.