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 $550,000, and factory payroll cost in April is $383,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $28,000; factory rent, $33,000; factory utilities, $20,000; and factory equipment depreciation $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $660,000 cash in April. Costs of the three jobs worked on in April follow. Job 386 Job 307 Job 388 Balances on March 31 Direct materials $ 30,000 $ 42,000 Direct labor 22,000 17,000 Applied overhead 11,000 8,500 Costs during April Direct materials 132,000 205,000 $115,000 Direct labor 101,000 153,000 101,000 Applied overhead Status on April 30 Finished Finished (sold) (unsold) In process 4 a. Compute gross profit for April 4.b. Show how to present the inventories on the April 30 balance sheet jobs worked on in April follow. Sold Tor $6 Job 306 Job 307 Job 308 $ 30,000 22,000 11,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 $ 42,000 17,000 8,500 132,000 101,000 ? Finished (sold) 205,000 153,000 2 Finished (unsold) $115,000 101,000 ? 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. Required 4A Required 4B Compute gross profit for April. Gross profit Recured Required 4B 300 JOD 307 Job 308 $ 30,000 22,000 11,000 $ 42,000 17,000 8,500 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 132,000 101,000 ? Finished (sold) 205,000 153,000 ? Finished (unsold) $115,000 101,000 ? In process 4-a. Compute gross profit for April. 4-6. 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. Inventories Raw materials Work in process Finished goods Total Inventories $ 0