Required information {The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $83,000. Raw materials purchases in April are $530,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $23,000; factory rent, $31,000; factory utilities, $23,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $690,000 cash in April. Costs of the three jobs worked on in April follow. Job 306 Job 307 Job 308 $ 31,000 25,000 12,500 $ 40,000 16,000 8,000 Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 130,000 102,000 215,000 153,000 $115,000 102,000 Finished (sold) Finished (unsold) In process 4.1 Compute gross profit for April. Gross Profit -2 Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Vork in process Finished goods Total inventories