Estimated direct materials: 200 sq. ft. at $35 per sq. ft. $7,000 Estimated direct labor: 16 hours at $20 per hour. Estimated factory overhead (75\% of direct labor cost). Total estimated costs. Markup (25\% of production costs). Total estimate. 320240$7.5601.89059.450 On May 10, Lunden Consulting signed a purchase contract, and the carpet was delivered and installed on May 15. The related materials requisitions and time tickets are summarized as follows: Instructions 1. Complete that portion of the job order cost sheet that would be prepared when the estimate is given to the customer. Round factory overhead applied to the nearest dollar: 2. Record the costs incurred and prepare a job order cost sheet. Comment on the reasons for the variances between actual costs and estimated costs. For this purpose, assume that the additional square feet of material used in the job were spoiled, the factory overhead rate has proven to be satisfactory, and an inexperienced employee performed the work. Customer: Lunden Consulting