Required information

Problem 2-2A (Algo) Computing and recording job costs; preparing schedule of cost of goods manufactured LO P1, P2, P3, P4

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[The following information applies to the questions displayed below.] Marco Company shows the following costs for three jobs worked on in April.

	Job 306	Job 307	Job 308
Balances on March 31
Direct materials used (in March)	$ 31,000	$ 37,000
Direct labor used (in March)	22,000	17,000
Overhead applied (March)	11,000	8,500
Costs during April
Direct materials used	134,000	210,000	$ 115,000
Direct labor used	101,000	153,000	101,000
Overhead applied	?	?	?
Status on April 30	Finished (sold)	Finished (unsold)	In process

Additional Information

Raw Materials Inventory has a March 31 balance of $82,000.

Raw materials purchases in April are $510,000, and total factory payroll cost in April is $379,000.

Actual overhead costs incurred in April are indirect materials, $53,000; indirect labor, $24,000; factory rent, $38,000; factory utilities, $23,000; and factory equipment depreciation, $61,000.

Predetermined overhead rate is 50% of direct labor cost.

Job 306 is sold for $685,000 cash in April.

Problem 2-2A (Algo) Part 5

5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on the April 30 balance sheet.