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Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April...

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Accounting

Marcelino Co.'s March 31 inventory of raw materials is $86,000. Raw materials purchases in April are $510,000, and factory payroll cost in April is $380,000. Overhead costs incurred in April are: indirect materials, $59,000; indirect labor, $24,000; factory rent, $31,000; factory utilities, $23,000; and factory equipment depreciation, $59,000. The predetermined overhead rate is 50% of direct labor cost. Job 306 is sold for $665,000 cash in April. Costs of the three jobs worked on in April follow. 4.1 Compute gross profit for April. Show how to present the inventories on the April 30 balance sheet.

Job 306 Job 307 Job 308
Balances on March 31
Direct materials $ 29,000 $ 43,000
Direct labor 24,000 13,000
Applied overhead 12,000 6,500
Costs during April
Direct materials 134,000 210,000 $ 110,000
Direct labor 101,000 153,000 102,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In process

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