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 $378,000. Overhead costs incurred in April are: indirect materials, $54,000; indirect labor, $20,000; factory rent, $33,000; factory utilities, $21,000; and factory equipment depreciation, $59,000. 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
Balance on March 31
Direct materials $27,000 $41,000
Direct labor 24,000 15,000
Applied overhead 12,000 7,500
Cost during April
Direct materials 137,000 205,000 $115,000
Direct labor 101,000 152,000 105,000
Applied overhead ? ? ?
Status on April 30 Finished (sold) Finished (unsold) In Process
4.1 Compute gross profit for April.

Gross Profit $285,500
2. Show how to present the inventories on the April 30 balance sheet.

Inventories
Raw materials $
Work in process 272,500
Finished goods 496,500
Total inventories $1,349,000