Job Cost Sheet

Hallmark Furniture 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, 20Y1, an estimate of $3,731 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 $35 per meter	$ 1,400
Estimated direct labor:
28 hours at $30 per hour	840
Estimated factory overhead (75% of direct labor cost)	630
Total estimated costs	$2,870
Markup (30% of production costs)	861
Total estimate	$3,731

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	20 meters at $35	$700
129	24 meters at $35	840

Time Ticket No.	Description	Amount
T344	14 hours at $30	$420
T348	18 hours at $30	540

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, 20Y1
Address		315 White Oak Drive			Date wanted	March 15, 20Y1
		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

40 Meters at $35

$fill in the blank 1

28 Hours at $30

$fill in the blank 2

Direct Materials

$fill in the blank 3

Direct Labor

fill in the blank 4

Factory Overhead

fill in the blank 5

Total

$fill in the blank 6

Total

$fill in the blank 7

Total cost

$fill in the blank 8

ACTUAL

Direct Materials

Direct Labor

Summary

Mat. Req. No.

Description

Amount

Time Ticket No.

Description

Amount

Item

Amount

122

20 Meters at $35

$fill in the blank 9

T344

14 Hours at $30

$fill in the blank 10

Direct Materials

$fill in the blank 11

Direct Labor

fill in the blank 12

129

24 Meters at $35

fill in the blank 13

T348

18 Hours at $30

fill in the blank 14

Factory Overhead

fill in the blank 15

Total

$fill in the blank 16

Total

$fill in the blank 17

Total Cost

$fill in the blank 18