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 $510,000, and factory payroll cost in April is $384,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $26,000; factory rent, $40,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $690,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 26,000 24,000 12,000 $ 43,000 19,000 9,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 137,000 102,000 210,000 155,000 ? Finished (unsold) $115,000 101,000 ? In process Finished (sold) 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. Problem 15-1A Part 3 3. Prepare a schedule of cost of goods manufactured. X Answer is complete but not entirely correct. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Direct materials used $ 462,000 Direct labor used 358,000 179,000 999,000 133,500 Factory overhead applied Total manufacturing costs Add: Work in process March 31 Total cost of work in process Less: Work in process April 30 Cost of goods manufactured 1,132,500 179,000 X 953,500 $ 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. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories $ 0 Problem