Service Learning Project: Job Order Costing You are making swag snack bags for the Special Olympians. There will be 50 Special Olympians. You will be using job order costing principles to determine the cost of the bags sold. Raw Materials Work in Process 550 Finished Goods $4 Dict Materials Needed Cost 20 ch Decorations 10 per bag 20 per bag Direct Labor 1.10 per Bag Applied Overhead Information Markers Colored Pencils 510.00 Total Overhead to be allocated Cost Driver: $10.00 $100.00 Number of Bags to be produced 50 Job Order Costing Service Project Your team will gather materials for 6 swag bags, you will work on six bags but will complete 5 Swag Bags and have I bag not completed and left in ending work in process inventory. As you are working on this project, answer the following questions or complete the assigned tasks 1. Set up T-accounts for the three inventory accounts, cost of goods sold, cash and overhead. (Be sure and include the account placeholders) 2. Input the balances given for raw materials, work in process and finished goods. 3. Post the 100 dollars of materials purchased to the appropriate t-accounts Accounts Debit Credit Raw Material 100 Cash 100 4. Obtain the materials to create 6 bags, you will need: a. Six brown paper bags b. Ribbon (Cut six pieces of ribbon 18 inches in length) c. Take 2 package of stickers d. Take Colored pencils e. Each team needs to obtain a hole puncher, scissors. and a ruler