Sigma Corporation applies overhead cost to jobs on the basis of direct labor cost. Job V,...
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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 $5,400 for direct materials, $9,300 for direct labor, and $6,510 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $3,600 for direct materials and $4,100 for direct labor. Required: 1a. Should any overhead cost be applied to Job W at year-end? O Yes O No 1b. How much overhead cost should be applied to Job W? Overhead cost 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? O Raw Materials. O Work-in-Process O Finished Goods 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 $5,400 for direct materials, $9,300 for direct labor, and $6,510 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $3,600 for direct materials and $4,100 for direct labor. Required: 1a. Should any overhead cost be applied to Job W at year-end? O Yes O No 1b. How much overhead cost should be applied to Job W? Overhead cost 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? O Raw Materials. O Work-in-Process O Finished Goods
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1a Yes Job W is still going on at the end of the year and the work in this process c... View the full answer
Related Book For
Managerial Accounting
ISBN: 9781260247787
17th Edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
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