Hallmark Furniture Company refinishes and reupholsters furniture Hallmark Furniture uses a job order cott wystem. 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 February 14, 2071, an estimate of $2,940 for reupholstering a chair and couch was given to Millard Schmidt. The estimate was based on the following data Estimated direct materials 30 meters at $35 per meter $1,050 Estimated direct labor: 20 hours at $30 per hour 600 Estimated factory overhead (75% of direct labor cost) 450 Total estimated costs $2,100 Markup (40% of production costs) 840 Total estimate $2,940 On February 17, the chair and couch were picked up from the residence of Millard Schmidt, 315 White Oak Drive, Columbus, Georgia, with a commitment to return them on March 15. The job was completed on March 9. The related materials requisitions and time tickets are summarized as follows: Materials Requisition No. Description Amount 122 15 meters at $35 $525 129 19 meters at $35 665 Time Ticket No. Description Amount Previous Next > On February 17, the chair and couch were picked up from the residence of Mitard Schmidt, 315 white Oak Drive, Columbus, Georgia, with a comenitment to return them on March 15. The job was completed on March 9 The related materials requisitions and time tickets are summarized as follows: Materials Requisition No. Description Amount 15 meters at $35 $525 122 129 665 19 meters at $35 Description Time Ticket No. Amount 7344 $300 10 hours at $30 14 hours at $30 T348 420 Instructions: 1. Complete the portion of the job cost sheet that would be prepared when the estimate is given to the customer 2. Assign number 02-019 to the job, record the actual costs incurred, and complete the job cost sheet JOB COST SHEET Date Millard Schmidt Customer February 14, 2011 Date wanted March 15, 2011 Address 315 White Oak Drive Columbus, GA Date completed March 9, 2011 Job. No. 02-019 Item Reupholster couch and chair ESTIMATE Direct Labor Summary Direct Materials Amount Amount Amount Dr Nyt 2. Assign number 02-019 to the job, record the actual costs incurred, and complete the job cost sheet JOB COST SHEET Customer Millard Schmidt Date February 14, 2011 Address Date wanted March 15, 2011 315 White Oak Drive Columbus, GA Date completed March 9, 20Y1 Item Reupholster couch and chair Job. No. 02-019 ESTIMATE Direct Materials Direct Labor Summary Amount Amount Amount 30 Meters at $35 1050 20 Hours at $30 Direct Materials Direct Labor Factory Overhead Total Total Total cost ACTUAL Direct Labor Summary Direct Materials Amount Amount Description Item Time Ticket No. Description Amount Mat. Reg. No. Direct Materials T344 10 Hours at $30 122 15 Meters at $35 Direct Labor 7348 14 Hours at $30 Factory Overhead 129 19 Meters at $35 Total Cost Total Total Next