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 $2,660 to carpet the consulting firms newly leased office The estimate was based on the following data Estimated direct materials 40 meters at $30 per meter $ 1,200 Estimated direct labor 20 hours at $20 per hour 400 Estimated factory overhead (75 of direct labor cost) 300 Total estimated costs $1,900 Markup (40 of production costs) 760 Total estimate $2,660 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 20 meters at $30 $600 114 24 meters at $30 720 Time Ticket No Description Amount H10 10 hours at $20 $200 H11 14 hours at $20 280 JOB ORDER COST SHEET Customer Jackson Consulting Date October 1 Date wanted October 10 October 10 Date completed Job No ESTIMATE Direct Labor Direct Materials Summary Amount Amount Amount 40 Meters at $30 $ 20 Hours at $20 Direct Materials $ Direct Labor Factory Overhead Total $ Total $ Total cost $ $ Direct Materials ACTUAL Direct Labor Time Ticket No Description Summary Mat Reg No Description Amount Amount Item Amount Direct Materials $ 112 20 Meters at $30 $ H10 10 Hours at $20 $ Direct Labor 114 24 Meters at $30 H11 14 Hours at $20 Factory Overhead Total $ Total $ Total Cost $

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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 $2,660 to carpet the consulting firms newly leased office. The estimate was based on the following data:

Estimated direct materials:
40 meters at $30 per meter	$ 1,200
Estimated direct labor:
20 hours at $20 per hour	400
Estimated factory overhead (75% of direct labor cost)	300
Total estimated costs	$1,900
Markup (40% of production costs)	760
Total estimate	$2,660

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	20 meters at $30	$600
114	24 meters at $30	720

Time Ticket No.	Description	Amount
H10	10 hours at $20	$200
H11	14 hours at $20	280

image text in transcribed

JOB ORDER COST SHEET Customer Jackson Consulting Date October 1 Date wanted October 10 October 10 Date completed Job. No. ESTIMATE Direct Labor Direct Materials Summary Amount Amount Amount 40 Meters at $30 $ 20 Hours at $20 Direct Materials $ Direct Labor Factory Overhead Total $ Total $ Total cost $ $ Direct Materials ACTUAL Direct Labor Time Ticket No. Description Summary Mat. Reg. No. Description Amount Amount Item Amount Direct Materials $ 112 20 Meters at $30 $ H10 10 Hours at $20 $ Direct Labor 114 24 Meters at $30 H11 14 Hours at $20 Factory Overhead Total $ Total $ Total Cost $