1. Lockheed Martin handles multiple defense contracts. In January 2043, the following costs are recorded:
   • Job 1: Direct Materials $800,000, Direct Labor $1,200,000, Overhead $300,000
   • Job 2: Direct Materials $500,000, Direct 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.