Remnant Carpet Company sells and installs commercial carpeting for office buildings. Remnant Carpet Company uses job order costing. 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 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 $2,436 to carpet the consulting firm's newly leased office. The estimate was based on the following data: Estimated direct materials: 30 meters at $30 per meter Estimated direct labor: 24 hours at $20 per hour Estimated factory overhead (75% of direct labor cost) Total estimated costs Markup (40% of production costs) Total estimate $900 480 360 $1,740 696 $2,436 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. 112 114 Description Amount 15 meters at $30 $450 19 meters at $30 570 Time Ticket No. Description Amount H10 12 hours at $20 $240 H11 16 hours at $20 320 Required: Direct Materials Direct Labor Direct Materials Amount Direct Labor Amount 30 Meters at $30 900 24 Hours at $20 480 Total 900 Total Summary Summary Amount Direct Materials Direct Labor Factory Overhead 480 Total cost Enter amounts as positive numbers. 1. Complete that portion of the job cost sheet that would be prepared when the estimate is given to the customer. 2. Record the costs incurred, and complete the job cost sheet. ACTUAL Direct Materials Mat. Req. No. Direct Materials Description Direct Materials Amount Direct Labor Time Ticket No. Direct Labor Description Direct Labor Summary Summary Amount Item Amount JOB COST SHEET 112 15 Meters at $30 $ 450 H10 12 Hours at $20 $ 240 Direct Materials $ Customer Jackson Consulting Date October 1 Direct Labor Date wanted October 10 Date completed October 10 114 19 Meters at $30 570 H11 16 Hours at $20 320 V Factory Overhead Job. No. Total $ 1,020 V Total $ 560 Total Cost $