Gross profit for April is computed using information about raw materials, factory costs, and a job sold. Raw materials inventory began at $89,000 and $500,000 was purchased. Total factory costs were $388,000 in payroll and $198,000 in overhead expenses. Job 306 was sold for $645,000. The three inventory accounts (raw materials, work-in-process, finished goods) are reported on the April 30th balance sheet.

1. 5-a. Compute gross profit for April. 5-b. Show how the three inventory accounts are reported on
the April 30 balance sheet.
Required information [The following information applies to the questions displayed below]
Marco Company shows the following costs for three jobs worked on in April. Additionel
Information a. Raw Materials Inventory has a March 31 balance of $89 , 000 . b. Raw materials
purchases in April are $500 , 000 , and total factory payroll cost in April is $388 , 000 . c. Actual
overhead costs incurred in April are indirect materials, $53 , 000 ; indirect labor, $29 , 000 ;
factory rent, $34 , 000 ; factory utilities, $24 , 000 ; and factory equipment depreciation, $58 ,
000 . d. Predetermined overhead rate is 50% of direct labor cost. e. Job 306 is sold for $645 , 000
cash in Aprit. 5-a. Compute gross profit for April: 5-b. Show how the three inventory accounts
are reported on the April 30 balance sheet. Complete this question by entering your answers in
the tabs below. Compute gross profit for April.