Dynamic 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 m and toiletries. Dynamic 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 $119,440.

All costs incurred during the planning stage for market research job and during the job are gathered in a balance sheet called "Jobs in Progress (JIP)". When a job is completed, the costs are transferred to an income statement account called "Cost of Completed Jobs (CCJ)"

As of MAy 1, there were two jobs in progres, Chomp Candy Bars, Aglow Toothpaste. THe jobs for Mango ORganic Salsa and Zest Dish LIquid were started during MAy 1. THe jobs for Chomp Candy Bars and Aglow Toothpaste were completed in May.

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)." When a job is completed, the costs are transferred to an income statement account called "Cost of Completed Jobs (CCJ)."

t- Data Table he or dl ve cd Incurred in May From Beginning JIP General Overhead Labor Allocated 44,980 $ 23,000 16,680 11,000 Labor $ $ Band Chomp Candy Bars Aglow Toothpa Mango Organic Salsa Zest Dish Liquid 11,000 33,000 21,400 as 5,500 Print Done Requirement 1. Calculate JIP at the end of May. Balance at the end of May Job Chomp Candy Bars 67980 Aglow Toothpaste 27680 Total 95660