Required information Problem 15-1A Production costs computed and recorded; reports prepared LO C2, P1, P2, P3, P4 [The following information applies to the questions displayed below) Marcelino Co's March 31 Inventory of raw materials is $80,000. Raw materials purchases in April are $500,000, and factory payroll cost in April is $363,000, Overhead costs incurred in April are: indirect materials, $50,000; Indirect labor $23,000; factory rent. $32,000; factory utilities. $19,000; and factory equipment depreciation, $51,000. The predetermined overhead rate is 50% of direct labor cost Job 306 is sold for $635,000 cash in April. Costs of the three Jobs worked on in April follow Job 386 Balances on March 31 Job 307 Job 308 Direct materials $ 29,000 $ 35,000 Direct labor 20,000 18,000 Applied overhead 10,000 9,000 Costs duri April Direct materials 135,000 220,000 $100,000 Direct labor 85,000 150,000 105,000 Applied overhead Status on April 30 Finished Finished in (sold) (unsold) process 2 Problem 15-1A Part 4 4.1 Compute gross profit for April Gross Profit 4.2 Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories