Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $378,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $21,000; factory rent, $40,000; factory utilities, $21,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Balances on March 31 Direct materials $ 26,000 Direct labor 25,000 Applied overhead 12,500 Job 307 $ 45,000 19,000 9,500 Job 308 Costs during April Direct materials 131,000 205,000 Direct labor 102,000 151,000 Applied overhead 2 $115,000 104,000 7 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 tajos below. Required 4A Required 4B Compute gross profit for April. Gross profit 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. Required 4A Required 4B Show how to present the inventories on the April 30 balance sheet. Raw materials Inventories Work in process 271,000 Finished goods 505,000 Total inventories $ 776,000 Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $85,000. Raw materials purchases in April are $570,000, and factory payroll cost in April is $378,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $21,000; factory rent, $40,000; factory utilities, $21,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $655,000 cash in April. Costs of the three jobs worked on in April follow. Balances on March 31 Job 306. Job 307 Job 308 Direct materials $ 26,000 Direct labor 25,000 Applied overhead 12,500 $ 45,000 19,000 9,500 Costs during April Direct materials 131,000 205,000 Direct labor 102,000 151,000 $115,000 104,000 Applied overhead ? ? Status on April 30. Finished (sold) Finished (unsold) In process 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 $ 451,000 Direct labor used 357,000 Factory overhead applied 178,500 Total manufacturing costs 986,500 Add: Work in process March 31 Total cost of work in process 986,500