Job Onder Cost Sheet mant Carpet Company sells and installs commercial carpeting for office buildings Remnant Carpet Company uses a jos de cost system. When a prospective customer asks for a price quote on a job, the estimated cost dats are inserted on an unnumbered job 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 cast sheet. After the job is completed, reasons for the variances between the estimated and actual costs are noted on the sheet. The data ace 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 $2,856 to carpet the consulting firm's newly leased office. The estimate was based on the following data: Estimated red materials 30 su 133 per so. Estimated direct labor 20 hours at $30 per hour Estimated factory overhead (75% of direct labor cost) Tutal estimated cos Hartie (40% of production costs) Total estimats $990 600 450 $2,040 On October 3, Jackson Cusuting signed a purchase contract, and the delivery and installation was completed on October 20 The related s and times are summarized w Materials Requisition N Description Amount 112 1533 134 1033 $495 627 Time Ticket Ne Descrition Amount Time Ticket No. 10 hours at $30 $300 14 hours at $30, 420 20 H11 Required: bter amounts as pestive numbers. 1. Complete that portion of the job order cost sheet that would be prepared when the estimate is given to the customer 2. Recird the costs incuned and complete the job order cast sheet Customer 3033 Jackson Consulting JOR ORDER COST SHEET Date Date completed October 1 October 10 October 10 ESTIMATE Direct Labor Amount Direct Materials Director Direct Materials Amount 20 Hours at $30 Summary Amount 3033 Direct Materials Amount pate completed Job No. ESTIMATE 20 Hours 30 Direct Labor Amount Ustaber To Summary Amount Direct Materials Direct Labor Factory Overhead Total cost Summary Amount Tuta Yotal ACTUAL Direct Materials Hat. Reg. No. Description Amount Time Ticket No. Direct Labor Description Amount Owect Materials 310 15an 33 HIO 10 Pount D Oret Labor 317 WWWD al 14 $30 Total Cost Factory Overhead Analyzing Manufacturing Cost Accounts Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are summarized for May Materials Requisitions May 1 31 Balance Purchases 145,800 May 1 Balance 31 Materials 31 Direct labor Factory overhead applied May 1 Balance 31 Completed jobs Work in Process Completed jobs to Finished Goods May 31 Cost of goods sold Wages Payable May 31 Wages incurred 117,500 Factory Overhead 19,700 May 31 Factory overhead applied (0) 31 Balance Indirect labor 31 Indirect materials 19.400 Oharahat May 1 31 Balance Indirect labor 31 Indirect materials 31 Other overhead Factory Overhead 19,700 May 31 Factory overhead applied (e) Ch 19,400 62,000 In addition, the following information is available: Materials and direct labor were applied to the following jobs in May Job No. Style Quantity Direct Materials Direct Labor 101 AFT 100 $23.040 $13,000 102 M3 370 37,230 24,000 103 AF2 220 10,680 9,000 204 VYI 200 42.200 28,000 105 VYZ 180 25.700 17,000 106 AF4 120 8,220 3,000 1350 $155,150 $94,000 b. factory overhead is applied to each job at a rate of 130% of direct labor cost. The May 1 Work in Process halance consisted of two jobs, as follows Work in Process, Job No. Style 101 AFL May 1 $5,200 102 MF3 14.500 Total $19.700 Customer Jebe completed and units sold in May were as fol d. Customer jobs completed and units sold in May were as follows: Completed in Units Sold Job No. Style May in May 101 AF1 X 144 1021 AF3 X 290 103 AF2 0 104 x 235 105 Vy2 x 149 100 AF4 0 Required: 1. Determine the missing amounts associated with each letter and complete the futuwing table. If required, round amounts to the nearest dollar. If an answer is zers, enter in "0". Enter all amounts as positive numbers May 1 Work in Job No. No. 301 Quantity Process $5,200 No. 102 14,500 Direct Materials $23,040 37.230 Direct Labor Factory Overhead Cost of Goods Sold Total Cost Unit Cost Units Sold $13,000 24,000 No. 103 10.600 9,000 No. 104 42,200 20,000 No. 105 No. 106 25,700 17,000 8,220 3,000 Tutal $19,700 $155,1501 $94,000 a. Materials Requisitions b. Work in Process Beginning Balance May 1 Job No. Quantity Workin Pr Direct Direct Materials Labor Factory: Overhead Cost of Goods Sold Total Cost C Units Sold no101 $5,200 23.040 $13,000 14,500 37.230 24,300 103 1 5.000 104 105 100 42,300 28,000 25,700 37,000 220 3,000 $15.70 $111,100 $94.000 Materials Requisitions b. Work Press Beginning balance Direct Materials &D Labor Fatiny bad applied Co Cest of goods sold Indirect labor ( 2. Dine the Hay 31 as for each of the inventory and adore east. Use the Mata Fed Yet het O My Yok