Exercise $2-10($Algo$)$ Applying Overhead Cost to a Job $[$LO$2-2]$

Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V$,$ which was started and completed during the current period, shows charges of $$5,100$ for direct materials, $$9,300$ for direct labor, and $$5,487$ for overhead on its job cost sheet. Job $W,$ which is still in process at year$-$end, shows charges of $$3,200$ for direct materials and $$5,500$ for direct labor.

Required:

$1$a$.$ Should any overhead cost be applied to Job W at year$-$end?

$1$b$.$ How much overhead cost should be applied to Job W$?$

$2.$ How will the costs included in Job W$\text{'}$s job cost sheet be reported within Sigma Corporation's financial statements at the end of the year?

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Required $1$a

Required $1b$

How will the costs included in Job W$\text{'}$s job cost sheet be reported within Sigma Corporation's financial statements at the end of the year?

Costs included in Job W$\text{'}$s job cost sheet