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.