Job Cost Sheet Hallmark Furniture Company refinishes and reupholsters furniture. Hallmark Furniture uses a job order cost system. When a prospective customer ask 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, 2071, an estimate of $2,704 for reupholstering a chair and couch was given to Millard Schmidt. The estimate was based on the following data: Estimated direct materials: $ 1,240 40 meters at 531 per meter Estimated direct labor 480 360 24 hours at $20 per hour Estimated factory overhead (75% of direct labor cost) Total estimated costs $2,080 624 Markup (30% of production costs) Total estimate $2,704 On February 17, the chair and couch were picked up from the residence of Millard Schmidt, 015 White Oak Drive, Columbus, Georgia, with a commitment to return them on March 15. The job was completed on March 9 Amount On February 17, the chair and couch were picked up from the residence of Millard Schmidt, 31s 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 20 meters at $31 $620 24 meters at $31 744 Description T344 $240 122 129 Time Ticket No. Amount 12 hours at $20 T348 16 hours at $20 320 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 Date completed March 9, 2011 Columbus, GA Bounholsternich and chair Trem anh No 02.010 Next JOB COST SHEET Millard Schmidt Date February 14, 2011 315 White Oak Drive Date wanted March 15, 2011 Columbus, GA Date completed March 9, 2011 Reupholster couch and chait 02-019 Job. No ESTIMATE Direct Materials Direct Labor Summary Amount Amount Amount 31 24 Hours at $20 Direct Materials Direct Labor Factory Overhead Total cost Total ACTUAL Direct Materials Description Summary Direct Labor Description Amount Time Ticket No. Amount Item Amount 20 Meter at T344 Direct Materials 12 Hours at 520 Next Columbus, GA Date completed March 9, 2011 02-019 Reupholster couch and chair Job. No. ESTIMATE Direct Materials Direct Labor Summary Amount Amount Amount 31 24 Hours at $20 Direct Materials Direct Labor Factory Overhead Total Total cost ACTUAL Direct Materials Direct Labor Summary Description Amount Time Ticket No. Description Amount Item Amount Direct Materials 20 Meters at $31 T344 12 Hours at $20 Direct Labor 24 Meters at $31 7348 16 Hours at $20 Factory Overhead Total Total Cost Next >
