Management Accounting (All the information are stated in the question below)

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QUESTION 3 Golden Enterprise 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. Golden uses a normal-costing system. General overhead is allocated to each job based on 150% of direct labor cost. Actual overhead equaled applied overhead as of April 30, 2020. Actual overhead in May was RM122,000. 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)." Following is cost information for May 2020: As Brand From Beginning JIP Labor Incurred in May of Choco Jar RM18,000 General Overhead RM27,000 Labor RM16,000 Herbal Toothpaste 4,000 6,000 34,000 Green Noodles 22,400 Lemon Dish Liquid 5,600 May 1, there were two jobs in progress: Choco Jar and Herbal Toothpaste. The jobs for Green Noodles and Lemon Dish Liquid were started during May. The jobs for Choco Jar and Lemon Dish Liquid were completed during May. Required: 1. Calculate JIP at the end of May. 2. Calculate CCJ for May. 3. Calculate under- or overapplied overhead at the end of May. 4. Calculate the ending balances in JIP and CCJ if the under- or overapplied 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.