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Required information Problem 02-1A Production costs computed and recorded; reports prepared LO P1, P2, P3, P4 [The following information applies to the questions displayed below.) Marcelino Co.'s March 31 inventory of raw materials is $90,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $381,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $26,000; factory rent, $35,000; factory utilities, $24,000; and factory equipment depreciation, $56,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $645,000 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 $ 32,000 $ 44,000 Direct labor 21,000 13,000 Applied overhead 10,500 6,500 Costs during April Direct materials 134,000 215,000 $ 105,000 Direct labor 104,000 150,000 101,000 Applied overhead Status on April 30 Pinished Pinished (sold) (unsold) process 7 2 2 In 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 4A Required 4B Compute gross profit for April. Gross profit $ 279,000 Required 4A Required 4B >