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 cest 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 $2,847 for reupholstering a chair and couch was given to Molard Schmidt. The estimate was based on the following data: Estimated direct materials 30 meters at $31 per meter 5930 Estimated direct labor 24 hours at $30 per hour 720 Estimated factory overhead (75% of direct labor cost) 540 Total estimated costs $2,190 Markup (30% of production costs) 657 Total estimate $2.847 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. On February 17, the chale and couch were picked up from the residence of Mard 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. 122 Description Amount 15 meters at $31 $465 129 19 meters at $31 589 Time Ticket No. Description Amount T344 12 hours at $30 $360 T348 16 hours at $30 480 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 Item Reupholster couch and chair Job. No. 02-019 ESTIMATE Direct Materials Direct Labor Summary Amount Amount Amount 30 Meters at $31 24 Hours at $30 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 122 15 Meters at 31 T344 Direct Materials 12 Hours at $30 Direct Labor 129 19 Meters at $31 T348 16 Hours at $30 Factory Overhead Total Total Total Cost