M1 Project: Product Cost Project Enter your answers in the spaces provided below. Be sure to show how you arrived at your answers, with Excel formulas or calculations by hand. Submit your assignment to the M1 assignment page in Canvas. Project Information Robert Perez is a contractor specializing in custom-built Jacuzzis. As of May 1, 2016, Perez has incurred the following costs for each of the jobs listed below. Perez uses the Job Order Cost system. STINER DM $ 2,500 DL 2,000 FOH 1,400 TOTAL $ 5,900 ALTON DM $ 2,000 DL 1,200 FOH 840 TOTAL $ 4,040 HERMAN DM $ 900 DL 800 FOH 560 TOTAL $2,260 During May, Perez incurs the following costs below. Perez begins one job during the month of May (Smith) and completes the other three during the course of the month (Stiner, Alton, and Herman). Factory Overhead is charged to jobs on the basis of $.70 per dollar of direct labor hours. STINER ALTON HERMAN SMITH MATERIALS REQUISITIONS TIME TICKETS $ 500,00 $ 400.00 $ 600.00 $ 1,000.00 $ 2,300.00 $ 1,300.00 $ 1,900.00 $ 2,300.00 Determine the amount of gross profit for each of the completed jobs, assuming they were sold for $13,000 each to the customer. STINER ALTON Sales Revenue $ COGS $ Gross Profit $ Total Gross Profit $ $ $ HERMAN $ $ $ $