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 $560,000, and factory payroll cost in April is $379,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $23,000; factory rent, $33,000; factory utilities, $23,000; and factory equipment depreciation, $58,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $640,000 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 $ 28,000 Direct labor 22,000 Applied overhead 11,000 $ 44,000 19,000 9,500 Costs during April Direct materials 137,000 215,000 Direct labor 103,000 153,000 $120,000 100,000 Applied overhead ? 2 Finished Status on April 30 (sold) Finished (unsold) In process