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 $580,000, and factory payroll cost in April is $382,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $25,000; factory rent, $34,000; factory utilities, $24,000; and factory equipment depreciation, $54,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 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			$	40,000
Direct labor			21,000				16,000
Applied overhead			10,500				8,000
Costs during April
Direct materials			131,000				210,000			$	110,000
Direct labor			104,000				153,000				100,000
Applied overhead			?				?				?
Status on April 30	Finished (sold)				Finished (unsold)					In process

4.1 Compute gross profit for April.

Gross Profit	$

4.2 Show how to present the inventories on the April 30 balance sheet.

Inventories
Raw materials
Work in process
Finished goods
Total inventories	$