Required information The following information applies to the questions displayed below Marcelino Co.s March 31 inventory of raw materials is $88,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $53,000: indirect labor $24,000; factory rent, $39,000; factory utilities, $21,000; and factory equipment depreciation, $60,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $695,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 Balances on March 31 Direct materials Direct labor Applied overhead 28,000 $ 37,00o 16,000 8,000 24,000 12,000 Costs during April Direct naterials Direct labor Applied overhead 134,000 101,000 215,000 $110,000 155,000102,000 Finished (sold) Finished Status on April 30 In process (unsold) 4.1 Compute gross profit for April. Gross Profit