Question

Job 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 $2,522 to carpet the consulting firm's newly leased office. The estimate was based on the following data: Estimated direct materials: $ 1,240 40 meters at $31 per meter Estimated direct labor: 20 hours at $20 per hour 400 Estimated factory overhead (75% of direct labor cost) 300 $1,940 Total estimated costs Markup (30% of production costs) 582 $2,522 Total estimate 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: Description Materials Requisition No. Amount 20 meters at $31 112 $620 114 24 meters at $31 744 Amount Time Ticket No. Description H10 10 hours at $20 $200 H11 14 hours at $20 280 Required:

Answer 1

Answer is given below in the required format

JOB ORDER COST SHEET Customer Jackson consulting Date October 1 Date wanted October 10 Date completed October 10 Job. No. Direct Material 40 meters at $31 ESTIMATE Direct Labor $1,240.00 20 hours at $20 Summary $400.00 Direct Material Direct Labor Factory overhead $400.00 Total Cost $1,240.00 $400.00 $300.00 $1,940.00 Total Direct Material Mat. Req No. Description 112 20 meters at $31 114 24 meters at $31 $1,240.00 Total ACTUAL Direct Labor Amount Time ticket No. Description $620.00 H10 10 hours at $ 20 $744.00 H11 14 hours at $ 20 Summary Amount Items Amount $200.00 Direct Material $1,364.00 $280.00 Direct Labor $480.00 Factory overhead $360.00 $480.00 Total Cost $2,204.00 Total $1,364.00 Total working note: Factory Overhead = 75% of $480= $360