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 butween 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 lobs. On February 14, 2011, an estimate of $3,444 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 $33 per meter $ 990 Estimated direct labor: 840 28 hours at $30 per hour 630 Estimated factory overhead (75% of direct labor cost) 52.460 Total estimated costs 934 Markup (40% of production costs) $3.444 Total estimate On February 17, the chair and couch were picked up from the residence of Millard Schmidt 315 White Oak Drive, Columbus, Georgia, with a 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 $33 $495 129 19 meters at $33 627 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. Assion number 02-019 to the job, record the actual costs incurred, and complete the job cost sheet. JOB COST SHEET Date February 14, 2011 Customer Millard Schmidt Date wanted March 15, 2011 Address 315 White Oak Drive eBook dress 315 White Oak Drive Date wanted March 15, 2011 Columbus, GA Date completed March 9, 2011 Reupholster couch and chair Job. No. m 02-019 ESTIMATE Summary Direct Materials Direct Labor Am Amount Amount Dect Me 28 Hours at $30 Meters at 533 Duct Labor Factory Othed Total Toral ACTUAL Sumir Direct Labor Direct Materials Amount Item Description Time Ticket No. Amount Reg. No. Description Det 14 out to 25 Meten at 33 #love 11330 734 19 Mersat 33