Required information (The following information applies to the questions displayed below] Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $387,000. Overhead costs incurred in April are: indirect materials, $59,000, indirect labor. $27,000, factory rent, $36,000, factory utilities, $23,000, and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 cash in April. Costs of the three jobs worked on in April follow. Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Job 306 Job 387 Job 308 $ 30,000 21,000 10,500 $ 42,000 13,000 6,500 Direct materials Direct labor 135,000 105,000 215,000 152,000 $115,000 103,000 Applied overhead Status on April 30 Finished (sold) Finished (unsold) In process 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. Require 4A Required 4B Compute gross profit for April. Gross profit