Required information (The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $590,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: Indirect materials, $52,000; indirect labor, $23,000; factory rent, $36,000; factory utilities, $22,000; and factory equipment depreciation, $60,000. 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 309 Job 308 $ 29,000 22,000 11,000 $ 36,000 15,000 17,500 Balances on March 31 Direct materials Direet labor Applied overhead costs during April Direct materials Direct labor Applied overhead Status on April 30 130,000 100,000 210,000 153,000 $120 inished (sold) Finished (unsold) process 4.1 Compute gross profit for April. Gross Profit