Required information [The following information applies to the questions displayed below.] Marcelino Co.'s March 31 inventory of raw materials is $84,000. Raw materials purchases in April are $520,000, and factory payroll cost in April is $388,000. Overhead costs incurred in April are: indirect materials, $57,000; indirect labor, $30,000; factory rent, $37,000; factory utilities, $20,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 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 $ 27,000 $ 42,000 Direct labor 23,000 17,000 Applied overhead 11,500 8,500 Costs during April Direct materials 137,000 215,000 $ 100,000 Direct labor 104,000 152,000 102,000 Applied overhead ? ? ? Status on April 30 Finished (sold) Finished (unsold) In process rev: 03_14_2018_QC_CS-121813 4.1 Compute gross profit for April. 4.2 Show how to present the inventories on the April 30 balance sheet.