Data Table cor cor cle an lab Gel 160 alld ove From Beginning JIP Incurred in May General Overhead Band Labor Allocated Labor Effe d>= 25,840 $ 29,000 $ 13,000 17,480 8,000 33,000 Re Tasty Candy Bars Twinkle Toothpaste Mango Organic Salsa Glow Dish Liquid 25,800 5,000 Jo Effective Market performs market research for consumer product companies across the country. The company conducts telephone surveys and gathers consumers together in focus groups to review foods, cleaning products, and toiletries. Effective Market uses a normal-costing system with one direct-cost pool, labor, and one indirect-cost pool, general overhead. General overhead is allocated to each job based on 160% of direct labor cost. Actual overhead equaled allocated overhead as of April 30, 2017. Actual overhead in May was $131,880. (Click the icon for additional information about Effective Market.) Following is cost information for May 2017: (Click the icon to view the cost information for May 2017.) As of May 1, there were two jobs in progress: Tasty Candy Bars, and Twinkle Toothpaste. The jobs for Mango Organic Salsa and Glow Dish Liquid were started during May. The jobs for Tasty Candy Bars and Glow Dish Liquid were completed during May. Read the requirements. V Requirement 1. Calculate JIP at the end of May. Balance at the Job end of May Twinkle Toothpaste Ma a Screenshot Total Effective Market performs market research for Following is cost information for May 2017: consumer product companies across the country. The BE: (Click the icon to view the cost information for company conducts telephone surveys and gathers consumers together in focus groups to review foods, May 2017.) cleaning products, and toiletries. Effective Market uses As of May 1, there were two jobs in progress: Tasty a norr labor Gend More Info 160% y. alloca overh Ol All costs incurred during the planning stage for a market research job and during the job are gathered in a balance sheet account called "Jobs in Progress (JIP). Effec When a job is completed, the costs are transferred to an income statement account called "Cost of Completed Jobs (CCJ). rs V Reqy Job Print Done Twin Mar Screenshot Total sty br rs y. Effective Market performs market research for Following is cost information for May 2017: consu comp cons Requirements clean a nor labor Gend 1. Calculate JIP at the end of May. 160% 2. Calculate CCJ for May. alloca 3. Calculate under-or overallocated overhead at the end of May. overh 4. Calculate the ending balances in JIP and CCJ if the under- or overallocated ol overhead amount is as follows: Effec a. Written off to CCJ b. Prorated based on the ending balances (before proration) in JIP and CCJ c. Prorated based on the overhead allocated in May in the ending balances Reqy of JIP and CCJ (before proration) 5. Which method would you choose? Explain. Would your choice depend on whether overhead cost is underallocated or overallocated? Explain. Job |= > | Twin Ma Screenshot Total Print Done