! Required information [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $80,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $20,000; factory rent, $32,000; factory utilities, $22,000; and factory equipment depreciation, $58,000. 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 $ 39,000 15,000 7,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 205,000 152,000 134,000 103,000 ? Finished (sold) $115,000 105,000 ? In process Finished (unsold) 3. Prepare a schedule of cost of goods manufactured. MARCELINO COMPANY Schedule of Cost of Goods Manufactured For Month Ended April 30 Direct materials used $ 454,000 Direct labor used 360,000 Factory overhead applied 180,000 Total manufacturing costs 994,000 Add: Work in process March 31 123,500 Total cost of work in process 1,117,500 Less: Work in process April 30 Cost of goods manufactured $ 1,117,500 Required 4A Required 4B Compute gross profit for April. Gross profit 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