Required Information [The following information applies to the questions displayed below Marcelino Co.'s March 31 Inventory of raw materlals Is $88,000. Raw materlals purchases In April are $580,000, and factory payroll cost in April Is $379,000. Overhead costs Incurred In Aprii are: Indirect materlals. $52,000; Indirect labor, $22,000; factory rent, $37,000: factory utilitles, $22,000; and factory equipment depreclation, $55.000. The predetermined overhead rate is 50% of direct labor cost. Job 306 iS sold for $685,000 cash in April, Costs of the three jobs worked on In April follow Job 3e7 Job 308 Job 306 Balances on March 31 s 29,eee $ 43,00e Direct materials 15,e00 24,eee Direct labor 7,500 12,ee0 Applied overhead Costs during April Direct naterials Direct labor Applied overhead $1es,000 135,eee 103,80e 215,e00 102,e0e 152,000 Findshed inished tsold) In process Status on April se funsold) 4.1 Compute gross profit for April 321.000 Gress Profe 4.2 Show how to present the Inventories on the April 30 balance sheet Inventories Raw materials Work in process Finished goods Total inventories ! Required Informetion (The following information apples to the questions displayed below.] Marcelino Co.'s March 31 Inventory of raw materlals is $88,000. Raw materials purchases in April are $580,000 and factory payroll cost in April is $379,000. Overhead costs Incurred in April are: Indirect materlals, $52.000; Indirect labor $22.000; factory rent, $37,000, factory utilites, $22,000; and factory equipment depreciaton, $55.000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $685,000 cash In April. Costs of the three jobs worked on in April follow Job 3e6 Job 3e7 Job 388 Balances on March 31 pirect materials Direct labor S 43,ee0 15,eee 7,see $29,00e 24,eee Applied overhead Costs 12,000 ing 1 Direct materials $105,e0e 135, eee 225,eee Direct labor 183.e0e 152.8ee 182.eee Applied overhead Finsshed Finished Status on April 3e In process (unsold) (sold) 41 Compute gross profit for April. 321.000 Gress Proft 4.2 Show how to present the Inventorles on the April 30 balance sheet Inventories Raw materials Work in process Finished goods Total inventories