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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

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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

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