Managerial Accounting – ProjectSelect a product you wish to bake. You may work with one other individual. Submit idea to Instructor for approval. Determine what ingredients you would need and price them at your local store. Prepare a Materials Requisition Slip for the items.Company Name:Materials Requisition SlipReq. No.Deliver to: Mixing DepartmentDate:Charge to:Work in Process – Job No. 101QuantityDescriptionCost Per UnitTotal CostExample:Flour: Entire bag will cost you less than $2, but you probably will only use about $.75 worth. Chocolate Chips: One bag, $1.29 Butter, One pound package is $2, but you only need half at $1 Prepare a Time Ticket for the labor used. Labor is to be charged at $8.38 per hour. Assign your manufacturing overhead based on estimated direct labor hours, i.e. using a predetermined overhead rate. Calculate the rate based on the estimated overhead costs of monthly rent $300 and monthly utilities $50, your estimated direct labor hours, and any administrative time estimated.Company Name:Daily Time SheetDateAdminDirectStart/Stop TimeJob NameTaskClientHoursLabor HoursManagerial AccountingComplete a Job Cost Sheet for each item you are making. [if gte vml 1]>