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 $2,254 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: 16 hours at $20 per hour 320 Estimated factory overhead (75% of direct labor cost) 240 Total estimated costs $1,610 Markup (40% of production costs) 644 Total estimate $2,254Tne 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 T344 8 hours at $20 5160 T348 12 hours at 520 240 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. 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 30 Meters at $35 $ 16 Hours at $20 Direct Materials $ Direct Labor Factory Overhead Total $ Total $ Total cost ACTUAL Direct Materials Direct Labor Summary Mat. Req. No. Description Amount Time Ticket No. Description Amount Item Amount Direct Materials $ 122 15 Meters at $35 T344 8 Hours at $20 Direct Labor 129 19 Meters at $35 T348 12 Hours at $20 Factory Overhead Total $ Total $ Total Cost