The following information applies to the questions displayedbelow.] Marcelino Co.'s March 31 inventory of raw materials is$84,000. Raw materials purchases in April are $520,000, and factorypayroll cost in April is $388,000. Overhead costs incurred in Aprilare: indirect materials, $57,000; indirect labor, $30,000; factoryrent, $37,000; factory utilities, $20,000; and factory equipmentdepreciation, $52,000. The predetermined overhead rate is 50% ofdirect 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 307Job 308 Balances on March 31 Direct materials $ 27,000 $ 42,000Direct labor 23,000 17,000 Applied overhead 11,500 8,500 Costsduring April Direct materials 137,000 215,000 $ 100,000 Directlabor 104,000 152,000 102,000 Applied overhead ? ? ? Status onApril 30 Finished (sold) Finished (unsold) In process - Computegross profit for April. - Show how to present the inventories onthe April 30 balance sheet.
