Job Cost Sheet Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company 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 October 1, Remnant Carpet Company gave Jackson Consulting an estimate of $2,522 to carpet the consulting firm's newly leased office. The estimate was based on the following data: Estimated direct materials: $ 1,240 40 meters at $31 per meter Estimated direct labor: 20 hours at $20 per hour 400 Estimated factory overhead (75% of direct labor cost) 300 $1,940 Total estimated costs Markup (30% of production costs) 582 $2,522 Total estimate On October 3, Jackson Consulting signed a purchase contract, and the delivery and installation were completed on October 10. The related materials requisitions and time tickets are summarized as follows: Description Materials Requisition No. Amount 20 meters at $31 112 $620 114 24 meters at $31 744 Amount Time Ticket No. Description H10 10 hours at $20 $200 H11 14 hours at $20 280 Required: Required: Enter amounts as positive numbers. 1. Complete that portion of the job order cost sheet that would be prepared when the estimate is given to the customer. 2. Record the costs incurred, and complete the job order cost sheet. JOB ORDER COST SHEET Jackson Consulting October 1 Customer Date Date wanted October 10 Date completed October 10 Job. No. ESTIMATE Direct Materials Direct Labor Summary Amount Amount Amount $ 20 Hours at $20 Direct Materials 40 Meters at $31 Direct Labor Factory Overhead Total $4 Total Total cost ACTUAL Direct Materials Direct Labor Summary Mat. Req. No. Description Time Ticket No. Description Amount Amount Item Amount Direct Materials $ 20 Meters at $31 112 10 Hours at $20 H10 Direct Labor 24 Meters at $31 14 Hours at $20 Factory Overhead 114 H11 Total Total Cost Total