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 $6,700 for direct materials, $8,800 for direct labor, and $6,072 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $3,900 for direct materials and $5,700 for direct labor. Required: 1a. Should any overhead cost be applied to Job W at year-end? 1b. 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? Complete this question by entering your answers in the tabs below. Required 1a Required 1b Required 2 Should any overhead cost be applied to Job W at year-end? Should any overhead cost be applied to Job W at year-end? Required 1b >
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 $6,700 for direct materials, $8,800 for direct labor, and $6,072 for overhead on its job cost sheet. Job W, which is still in process at year-end, shows charges of $3,900 for direct materials and $5,700 for direct labor. Required: 1a. Should any overhead cost be applied to Job W at year-end? 1b. 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? Complete this question by entering your answers in the tabs below. Required 1a Required 1b Required 2 Should any overhead cost be applied to Job W at year-end? Should any overhead cost be applied to Job W at year-end? Required 1b >
Chapter4: Job Order Costing
Section: Chapter Questions
Problem 12PB: The following data summarize the operations during the year. Prepare a journal entry for each...
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Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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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 $6,700 for direct materials, $8,800 for direct labor, and $6,072 for overhead on its job cost sheet.
Job W, which is still in process at year-end, shows charges of $3,900 for direct materials and $5,700 for direct labor.
Required:
1a. Should any overhead cost be applied to Job W at year-end?
1b. 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?
Complete this question by entering your answers in the tabs below.
Required 1a Required 1b Required 2
Should any overhead cost be applied to Job W at year-end?
Should any overhead cost be applied to Job W at year-end?
Required 1b >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F316033f6-8ac4-43f3-92a1-002916adf7ce%2Ff925e7e3-24d2-4a68-b307-af2302d3974f%2Fcatp86b_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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 $6,700 for direct materials, $8,800 for direct labor, and $6,072 for overhead on its job cost sheet.
Job W, which is still in process at year-end, shows charges of $3,900 for direct materials and $5,700 for direct labor.
Required:
1a. Should any overhead cost be applied to Job W at year-end?
1b. 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?
Complete this question by entering your answers in the tabs below.
Required 1a Required 1b Required 2
Should any overhead cost be applied to Job W at year-end?
Should any overhead cost be applied to Job W at year-end?
Required 1b >
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