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 $389,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $28,000; factory rent, $38,000; factory utilities, $22,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 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 $ 30,000 $ 43,000 Direct labor 25,000 14,000 Applied overhead 12,500 7,000 Conts during April Direct materials 138,000 210,000 $115,000 Direct labor 104,000 154,000 103,000 Applied overhead Pinished Finished Status on April 30 (sold) (unsold) 2 2 In process 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 $389,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $28,000, factory rent, $38,000; factory utilities, $22,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $635,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 Balances on March 31 Direct naterials $ 30,000 $ 43,000 Direct labor 25,000 14,000 Applied overhead 12,500 7.000 Costs during April Direct materials 138,000 210,000 $115,000 Direct labor 104,000 154,000 105,000 Applled overhead Finished Status on April 30 (hold) (unsold) process Finished In 4.1 Compute gross profit for April Gross Profit