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	$0