Exercise $2-12($Static$)$ Applying Overhead Cost to a Job $[$LO$2-2]$

Sigma Corporation applies overhead cost to jobs based on direct labor cost. Job V$,$ which was started and completed during the current period, shows charges of $$5,000$ for direct materials, $$8,000$ for direct labor, and $$6,000$ for overhead on its job cost sheet. Job W$,$ which is still in process at year$-$end, shows charges of $$2,500$ for direct materials and $$4,000$ 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$$s job cost sheet be reported within Sigma Corporation$$s financial statements at the end of the year?