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 $510,000, and factory payroll cost in April is $379,000. Overhead costs incurred in April are: indirect materials, $53,000; indirect labor, $23,000; factory rent, $35,000; factory utilities, $20,000, and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $630,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ $ 26,000 25,000 12,500 40,000 18,000 9,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead 136,000 102,000 200,000 154,000 $ 105,000 100,000 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