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 $88,000. Raw materials purchases in April are $600,000, and factory payroll cost in April is $365,000. Overhead costs incurred in April are: indirect materials, $52,000; indirect labor, $27,000; factory rent, $31,000; factory utilities, $21,000; and factory equipment depreciation, $51,000. 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		$	29,000			$	43,000
Direct labor			20,000				17,000
Applied overhead			10,000				8,500
Costs during April
Direct materials			136,000				200,000			$	110,000
Direct labor			101,000				150,000				100,000
Applied overhead			?				?				?
Status on April 30	Finished (sold)				Finished (unsold)					In process

Problem 15-1A Part 4

4.1 Compute gross profit for April.

Gross Profit	$0

4.2 Show how to present the inventories on the April 30 balance sheet.

Inventories
Raw materials	$0
Work in process	0
Finished goods	0
Total inventories	$0