Required information Problem 19-1A 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 $87,000. Raw materials purchases in April are $580,000, and factory payroll cost in April is $376,000. Overhead costs incurred in April are: indirect materials, $51,000; indirect labor, $20,000; factory rent, $39,000; factory utilities, $25,000; and factory equipment depreciation, $55,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $650,000 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 $ 26,000 $ 44,000 Direct labor 25,000 19,000 Applied overhead 12,500 9,500 Costs during April Direct materials 133,000 220,000 $105,000 Direct 102,000 labor 153,000 101,000 Applied 2 2 ? overhead Status on Finished Finished In April 30 (sold) (unsold) process Problem 19-1A 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 I process Finished goods Total inventories $ 0