Question: Lockheed Martin handles multiple contracts: Job 1 (materials $800,000, labor $1,200,000, overhead $300,000), Job 2 (materials $500,000, labor $900,000, overhead $250,000). Requirements: Calculate the total

  1. Lockheed Martin handles multiple contracts: Job 1 (materials $800,000, labor $1,200,000, overhead $300,000), Job 2 (materials $500,000, labor $900,000, overhead $250,000).
    • Requirements:
      • Calculate the total cost for each job.
      • Determine the overhead allocation rate.
      • Prepare job cost sheets for each job.
      • Analyze the profitability of each project.

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