Job Cost het Remnant Carpet Company ses and instals comercial carpeting for office buildings Remnant Carpet Company is a job order catstum. When a prospective customer asks for a price quote oss job, the estimated cost dat breed on an unnumbered job cott shot. If the offers accepted, number is assigned to the job, and the costs incurred are recorded in the usual manner on the cost sheet. After the Job a completed, reasons for the variances between the estimated and actual costs are noted on the sheet. The data are the available to management in evaluating the centy of operations and in preparing quotes on future jobs On October 1, Remnant Carpet Company ove lacktion Consulting an estimate of $1,057 to carpet the consulting firm's newly based once. The estime based on the following data Estimated direct materias 40 meters at 30 per meter $1,200 Estimated Grect labor 28 hours at $20 per hour 550 Estimated factory overhead (75% of Grect labor cost) 420 Tot estimated costs $2,100 Markup (40% of production costs) 072 Total estimate On October, Iackson Consulting wed a purchase contract, and the delivery and installation were completed on October 10 The related to and time that are summarved as follows: Materials Requisition No. Description Amunt 112 20 meters $30 HOO 114 24 meters at $30 720 Time Ticket No. Description Amount HID 14 hours M520 $280 HIL 18 hours at $20 MO Required Enter amounts as posave 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 Jackson Consulting Date Date wanted Date completed Job. No ESTIMATE October 1 October 10 October 10 Direct Materials Direct Labor Summary Amount Amount Amount 40 Meters at 130 28 Hours at $20 Direct Materials Direct Labor Factory Overhead Total Total Total cost Direct Materials Description ACTUAL Direct Labor Time Ticket No: Description Summary Mat. Reg. No. Amount Amount Item Amount 112 20 Meters at 530 Direct Maters HO 14 hours at $20 Direct Labor 114 24 Meters at $30 HI 10 hours at $20 Factory Overhead Direct Materials Description Direct Labor Description Summary Mat. Reg. No. Amount Time Ticket No. Amount Item Amount 112 20 Meters $30 120 Direct Materials 14 Hours at 20 Direct Caber 24 Meters at $30 H11 18 Hours $20 Factory Overhead Total To Cost What is the best part for the variances between actuals and mated costs for this purpose, assume that the additional meters of material used in the job were sold the factory overhead rate has proven to be satisfactory and an inexperienced employee performed the work) .. The direct materials cost exceeded the atmate by 8:20 became meters of materials were spoled. The tract labor cost center the estimate by $80 because an additional hours of aber were used by nexperienced employee. The factory overhead cost exceeded estimate because an addition of factory overhead was located because of the increase in director Management didn't provide enough drection to complete tasks on budget The direct materials cost exceeded the estimate by s5 because meters of materials were spored d. The direct labor cost exceeded the estimate by 120 because an aditional tour of labor were used by an inexperienced employee. Select the correct from the above the