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In: AccountingMarcelino Co.'s March 31 inventory of raw materials is $84,000.Raw materials purchases in April are...Marcelino Co.'s March 31 inventory of raw materials is $84,000.Raw materials purchases in April are $570,000, and factory payrollcost in April is $384,000. Overhead costs incurred in April are:indirect materials, $58,000; indirect labor, $29,000; factory rent,$40,000; factory utilities, $21,000; and factory equipmentdepreciation, $60,000. The predetermined overhead rate is 50% ofdirect labor cost. Job 306 is sold for $695,000 cash in April.Costs of the three jobs worked on in April follow.Job 306Job 307Job 308Balances on March 31Direct materials$26,000$37,000Direct labor22,00016,000Applied overhead11,0008,000Costs during AprilDirect materials130,000215,000$105,000Direct labor104,000151,000100,000Applied overhead???Status on April 30Finished (sold)Finished (unsold)In processRecord the entry for Materials purchases (on credit).Compute gross profit for April.Gross Profit