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 $2,574 to carpet the consulting firm's newly leased office. The estimate was based on the following data: Estimated direct materials: 40 meters at $32 per meter $ 1,280 Estimated direct labor: 20 hours at $20 per hour Estimated factory overhead (75% of direct labor cost) 400 300 $1,980 Total estimated costs Markup (30% of production costs) 594 Total estimate $2,574 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. Amount 112 Description 20 meters at $32 24 meters at $32 $640 768 114 Time Ticket No. Description Amount H10 10 hours at $20 14 hours at $20 $200 280 H11 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 40 Meters at $32 20 Hours at $20 Direct Materials D Direct Labor Factory Overhead Total Total cost ACTUAL Direct Materials Direct Labor Summary Mat. Reg. No. Description Amount Time Ticket No. Description Amount Item Direct Materials 20 Meters at $32 H10 10 Hours at $20 Direct Labor 24 Meters at $32 14 Hours at $20 Factory Overhead Total $ Total Cost 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 $2,574 to carpet the consulting firm's newly leased office. The estimate was based on the following data: Estimated direct materials: 40 meters at $32 per meter $ 1,280 Estimated direct labor: 20 hours at $20 per hour Estimated factory overhead (75% of direct labor cost) 400 300 $1,980 Total estimated costs Markup (30% of production costs) 594 Total estimate $2,574 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. Amount 112 Description 20 meters at $32 24 meters at $32 $640 768 114 Time Ticket No. Description Amount H10 10 hours at $20 14 hours at $20 $200 280 H11 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 40 Meters at $32 20 Hours at $20 Direct Materials D Direct Labor Factory Overhead Total Total cost ACTUAL Direct Materials Direct Labor Summary Mat. Reg. No. Description Amount Time Ticket No. Description Amount Item Direct Materials 20 Meters at $32 H10 10 Hours at $20 Direct Labor 24 Meters at $32 14 Hours at $20 Factory Overhead Total $ Total Cost