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 shoot. 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, 2011, an estimate of $2,457 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: 480 24 hours at $20 per hour 360 Estimated factory overhead (75% of direct labor cost) $1,890 Total estimated costs 567 Markup (30% of production costs) 52,457 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 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 $35 $525 129 19 meters at $35 665 Time Ticket No. Description Amount T344 $240 12 hours at $20 T348 320 16 hours at $20 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 Reupholster couch and chair Item Job. No 02-019 ESTIMATE Direct Materials Direct Labor Summa Amount Amount 24 Hours at $20 Direct Materials 30 Meters at $35 Direct Labor Factory Overhead Total Total cost Total ACTUAL Total Total Total cost ACTUAL Direct Materials Direct Labor Summia Mat. Reg. No. Description Amount Time Ticket No. Description Amount Item Direct Materials 122 15 Meters at $35 1344 12 Hours at $20 Direct Labor 129 19 Meters at $35 7348 16 Hours at $20 Factory Overhead Total Total Total Cost Previous Next > Direct Labor Summary Amount Amount Hours at $20 Direct Materials Direct Labor Factory Overhead cal Total cost si ACTUAL Direct Labor Summary me Ticket No. Amount Amount Description Item Direct Materials 44 12 Hours at $20 Direct Labor 48 Factory Overhead 16 Hours at $20 $ Total Cost $ tal
