loti Cost Sheet Hallmark Furniture Company refinishes and reupholsters furture Hallmark Furnitures de cost system when a prospective customer ask for a price quote on a job, the estimated cost data are nerted on an unnumbered obcout heet. If the offer is accepted a number is signed to the h, and the costs and are recorded in the usual manner on the job or sheet. Ater the job is completed, reasons for the variances between the strated and actual costs are need on the sheet. The data are the available to management in evaluating the efficiency of operations and in preparing quotes on future jobs On February 14, 207, an estimate of $3,198 for reupholstering a chair and couch was given to Millard Schmidt, The estimate was howed as the following data: Estimated direct materials 30 meters at $35 per meter $990 Estimated direct labor 23 hours at $30 per hour 840 Estimated factory overhead (75% of direct labor cost) 630 Total estimated costs $2.460 Markup (30% of production costs) 23 Total estimate $3.198 On February 17, the chair and couch were picked up from the residence of Millard Schmidt, 315 White Oak Drive, Columbus, George, with a commitment to return them on March 15. The job was completed on March 9 The related matenals regions and the diets are summarded as follows: Materials Requisition No. 122 Description Amount 1495 15 meter 19 meters at 33 622 Time Ticket No. Amount 7344 Description 14 hours at 5:30 13 hours at $30 4420 T348 540 Instructions 1. Complete the portion of the job cest see 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 coct sheet JOB COST SHEET Customer Millard Schmidt Date February 14, 2011 Address 315 White Oak Drive Date wanted March 15, 2011 Date completed Columbus, GA Reupholster couch and chair March 2011 02-019 Item Job. No ESTIMATE Direct Materials Direct Labor Summary Amount Amount Amunt 30 Meters at $33 28 hours at 530 Direct Materials Direct Labor Factory Overhead Total Total Total cost ACTUAL Direct Materials Direct labor Summary Mat. Reg. No. Description Amount Time Ticket No. Description Amount Amount Duct Materal 122 15 Meters at $33 7346 14 Hours at $30 Direct Labor 120 1345 19 Meters at $30 18 hours at $30 Factory Overhead Total Total Total Cost