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Discus Corp. applies overhead to jobs on the basis of direct labor costs. Job Z which was started and completed during the current period shows charges of $10,000 for direct materials, $16,000 for direct labor, and $12,000 for overhead on its job cost sheet. Job Y which still was in process at year end shows charges of $5,000 for direct materials, and $8,000 for direct labor.
Question 1: Should any overhead cost be applied to Job Y at year end? If so, how much? Explain briefly.
Question 2: How will the costs included in Job Y's cost sheet be reported within Beta Corps. financial statements at the year end?
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