Job Cost Sheet Hallmark Fumiture Company refinishes and reupholsters furniture. Hallmark 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 February 14, 2011, an estimate of $2,886 for reupholstering a chair and couch was given to Millard Schmidt. The estimate was based on the following data: Estimated direct materials: 40 meters at $31 per meter $ 1,240 Estimated direct labor 560 28 hours at $20 per hour Estimated factory overhead (75% of direct labor cost) 420 Total estimated costs $2,220 Markup (30% of production costs) 666 Total estimate $2,886 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. Amount 122 $620 129 Description 20 meters at $31 $ 24 meters at $31 $ Description 14 hours at $20 744 Time Ticket No. Amount T344 $280 T348 18 hours at $20 360 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 Customer Millard Schmidt Date February 14, 2011 Address 315 White Oak Drive Date wanted March 15, 2011 Columbus, GA Date completed March 9, 2011 Them Reupholster couch and chair Job. No. 02-019 ESTIMATE Item Reupholster couch and chair Job. No. 02-019 ESTIMATE Direct Materials Direct Labor Summary Amount Amount Amount 40 Meters at $31 $ 28 Hours at $20 Direct Materials $ Direct Labor Factory Overhead Total $ Total $ Total cost $ ACTUAL Direct Materials Direct Labor Summary Mat. Reg. No. Description Amount Time Ticket No. Description Amount Item Amount Direct Materials $ 122 20 Meters at $31 T344 14 Hours at $20 $ Direct Labor 129 24 Meters at $31 T348 18 Hours at $20 Factory Overhead Total $ Total $ Total Cost