Following is cost information for May 2017 (Click the icon to view the cost information for May 2017.) 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, 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 170% of direct labor cost. Actual overhead equaled allocated overhead as of April 30, 2017. Actual overhead in May was $135,240. (Click the icon for additional information about Dynamic Market.) As of May 1, there were two jobs in progress: Chomp Candy Bars, and Blaze Toothpaste. The jobs for Ranchera Organic Salsa and Glow Dish Liquid were started during May. The jobs for Chomp Candy Bars and Glow Dish Liquid were completed during May Read the requirements A More Info 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)." Print Done A Data Table From Beginning JIP Incurred in May General Overhead Band Allocated Labor $ Labor 28,570 $ 13,990 $ 21,000 8,000 14,000 37,000 Chomp Candy Bars Blaze Toothpaste Ranchera Organic Salsa Glow Dish Liquid 20,500 5,700 Print Done 0 Requirements 1. Calculate JIP at the end of May. 2. Calculate CCJ for May. 3. Calculate under-or overallocated overhead at the end of May. 4. Calculate the ending balances in JIP and CCJ if the under-or overallocated overhead amount is as follows: 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 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. Print Done