es [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 $530,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $21,000; factory rent, $31,000; factory utilities, $24,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $640,000 cash in April. Costs of the three jobs worked on in April follow. Balances on March 31 Direct materials Direct labor Applied overhead Costs during April Direct materials Direct labor Applied overhead Status on April 30 Job 306 $ 31,000 24,000 12,000 135,000 102,000 ? Finished (sold) Job 307 $ 42,000 19,000 9,500 200,000 154,000 ? Finished (unsold) Job 308 $100,000 103,000 ? In process 4-a. Compute gross profit for April. 4-b. Show how to present the inventories on the April 30 balance sheet.
[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 $530,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $56,000; indirect labor, $21,000; factory rent, $31,000; factory ut lities, $24,000; and factory equipment depreciation, $52,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $640.000 cash in April. Costs of the three jobs worked on in April follow. 4-a. Compute gross frofit for April. 4-b. Show how to present the inventories on the April 30 balance sheet
