V. Beta Corp. applies overhead to jobs on the basis of direct labor costs. Job X which was started and completed during the current period shows charges of $20,000 for direct materials, $36,000 for direct labor, and $27,000 for overhead on its job cost sheet. Job Y which still was in process at year end shows charges of $10,000 for direct materials, and $16,000 for direct labor. Required: (10 points total) 1. (5 pts) Should any overhead cost be applied to Job Y at year end? If so, how much? If so, provide your calculations 2. (5 pts.) How will the costs included in the job cost sheets for Job X and Job Y be reported within Beta Corps. Financial statements at year end? VI The following questions relate to the reading assignment, "The $500,000 Apology" (5 pts. total, 1 point each) 1. This situation involved an IRS Special Agent, Lopez. What was he seeking from the Miami News? 2. Why didn't IRS Agent Lopez get what he wanted? Was there a law that prohibiting him? 3. Who was Daniel Heller? What did IRS Agent Lopez accuse him of? 4. Who was Len Safra? Who did he help? What happened to him in the end? 5. Name four strategies that IRS Agents use when they want to frame someone? V. Beta Corp. applies overhead to jobs on the basis of direct labor costs. Job X which was started and completed during the current period shows charges of $20,000 for direct materials, $36,000 for direct labor, and $27,000 for overhead on its job cost sheet. Job Y which still was in process at year end shows charges of $10,000 for direct materials, and $16,000 for direct labor Required: (10 points total) 1. (5 pts) Should any overhead cost be applied to Job Y at year end? If so, how much? If so, provide your calculations 2. (5 pts) How will the costs included in the job cost sheets for Job X and Job Y be reported within Beta Corps. Financial statements at year end? VI. The following questions relate to the reading assignment, "The $500,000 Apology". (5 pts. total, 1 point each) 1. This situation involved an IRS Special Agent, Lopez. What was he seeking from the Miami News? 2. Why didn't IRS Agent Lopez get what he wanted? Was there a law that prohibiting him? 3. Who was Daniel Heller? What did IRS Agent Lopez accuse him of? 4. Who was Len Safra? Who did he help? What happened to him in the end? 5. Name four strategies that IRS Agents use when they want to frame someone