Question: Lockheed Martin handles multiple contracts: Job 1 (materials $850,000, labor $1,250,000, overhead $350,000), Job 2 (materials $550,000, labor $950,000, overhead $300,000). Requirements: Calculate the total

  1. Lockheed Martin handles multiple contracts: Job 1 (materials $850,000, labor $1,250,000, overhead $350,000), Job 2 (materials $550,000, labor $950,000, overhead $300,000).
    • 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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