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 $85,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: Indirect materials, $58,000; Indirect labor, $29,000; factory rent, $38,000; factory utilities, $23,000; and factory equipment depreciation, $57,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 Balances on March 311 Direct materials $ 30,000 Direct labor 24,000 Applied overhead 12,000 $ 40,000 17,000 0,500 Costs during April Direct materials 134,000 210,000 $115,000 Direct labor Applied overhead 101,000 7 150,000 2 101,000 Finished Status on April 301 Finished In (sold) (unsold) process