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Job Order Cost Sheet Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company uses a job order cost system. When

Job Order 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 $2,254 to carpet the consulting firms newly leased office. The estimate was based on the following data:

Estimated direct materials:
30 meters at $35 per meter $ 1,050
Estimated direct labor:
16 hours at $20 per hour 320
Estimated factory overhead (75% of direct labor cost) 240
Total estimated costs $1,610
Markup (40% of production costs) 644
Total estimate $2,254

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:

Materials Requisition No. Description Amount
112 15 meters at $35 $525
114 19 meters at $35 665
Time Ticket No. Description Amount
H10 8 hours at $20 $160
H11 12 hours at $20 240

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
Customer Jackson Consulting Date October 1
Date wanted October 10
Date completed October 10
Job. No.
ESTIMATE
Direct Materials Direct Labor Summary
Amount Amount Amount
30 Meters at $35 $ 16 Hours at $20 $ Direct Materials $
Direct Labor
Factory Overhead
Total $ Total $ Total cost $
ACTUAL
Direct Materials Direct Labor Summary
Mat. Req. No. Description Amount Time Ticket No. Description Amount Item Amount
112 15 Meters at $35 $ H10 8 Hours at $20 $ Direct Materials $
Direct Labor
114 19 Meters at $35 H11 12 Hours at $20 Factory Overhead
Total $ Total $ Total Cost $

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