Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can an accountant tutor help me with my homework please. CCarlin Furniture Company refinishes and reupholsters furniture. Carlin Furniture uses a job order cost system.
Can an accountant tutor help me with my homework please.
CCarlin Furniture Company refinishes and reupholsters furniture. Carlin Furniture uses a job order cost system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on an unnumbered job cost sheet. If the offer is accepted, a number is assigned to the job, and the costs incurred are recorded in the usual manner on the job cost sheet. After the job is completed, reasons for the variances between the estimated and actual costs are noted on the sheet. The data are then available to management in evaluating the efficiency of operations and in preparing quotes on future jobs. On July 6, 2016, an estimate of $2,464 for reupholstering a sofa and loveseat was given to Justin Flannigan. The estimate was based on the following data: Estimated direct materials: 40 meters at $30 per meter $ 1,200 Estimated direct labor: 16 hours at $20 per hour 320 Estimated factory overhead (75% of direct labor cost) 240 Total estimated costs $1,760 Markup (40% of production costs) 704 Total estimate $2,464 On July 10, the sofa and loveseat were picked up from the residence of Justin Flannigan, 310 Suzuki Drive, Lubbock, TX, with a commitment to return it on September 7. The job was completed on September 3. The related materials requisitions and time tickets are summarized as follows: Materials Requisition No. Description Amount 310 20 meters at $30 $600 312 24 meters at $30 720 Time Ticket No. Description H50 8 hours at $20 H55 12 hours at $20 Amount $160 240 Required: Enter amounts as positive numbers. 1. 2. 3. 4. 5. Complete that portion of the job order cost sheet that would be prepared when the estimate is given to the customer. Required: Enter amounts as positive numbers. 1. Complete that portion of the job order cost sheet that would be prepared when the estimate is given to the customer. 2. Record the costs incurred, and complete the job order cost sheet. JOB ORDER COST SHEET Customer Justin Flannigan Date Address 310 Suzuki Drive Date wanted Lubbock, TX Date completed Reupholster Sofa and Loveseat Job. No. Item ESTIMATE Direct Materials Direct Labor Amount Amoun 40 Meters at $30 16 Hours at $20 Total Total ACTUAL Direct Materials Mat. Req. No. Description 310 312 Total 6. Direct Labor Amount Time Ticket No. Description 20 Meters at $30 H50 8 Hours at $20 24 Meters at $30 H55 12 Hours at $20 Total Feedback AmounStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started