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 $$6,900$ for direct materials, $$9,500$ for direct labor, and $$6,175$ for overhead on its job cost sheet. Job W$,$ which is still in process at year$-$end, shows charges of $$3,500$ for direct materials and $$4,900$ 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?