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 306 Job 307 Job 30 Balances on March 31 Direct materials $ 29,000 $ 35,000 Direct labor 20,000 10,000 Applied overhead 10,000 9,000 Coats during April Direct materials 135,000 220,000 $100,000 Direct labor 85,000 150,000 105,000 Applied overhead ? 2 Pinished Finished In Status on April 30 (sold) (unnold) process Problem 15-1A Part 4 4.1 Compute gross profit for April. Gross Profit $ 48,500 4.2 Show how to present the inventories on the April 30 balance sheet. Inventories Raw materials Work in process Finished goods Total inventories $ 0