Required information [The following information applies to the questions displayed below.] Ciolino Co.'s March 31 inventory of raw materials is $130,000. Raw materials purchases in April are $490,000, and factory payroll cost in April is $195,000. Overhead costs incurred in April are: indirect materials, $32,000; indirect labor, $13,000; factory rent, $15,000; factory utilities, $12,000; and factory equipment depreciation, $16,500. The predetermined overhead rate is 45% of direct labor cost. Job 306 is sold for $370,000 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 $15,000 $ 20,000 Direct labor 19,000 Applied overhead 8,550 9,000 4,050 Costs during April Direct materials 75,000 Direct labor 17,000 Applied overhead ? 160,000 65,000 ? $ 75,000 100,000 ? Status on April 30 Finished (sold) Finished (unsold) In process 4.1 Compute gross profit for April. 4.2 Show how to present the inventories on the April 30 balance sheet. Raw materials Inventories Goods in process Finished goods Total inventories