Job Cost Sheet Hallmark Furniture Company refinishes and reupholsters furniture. Hallmark Furniture 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 February 14, 20Y1, an estimate of $2,444 for reupholstering a chair and couch was given to Millard Schmidt. The estimate was based on the following data: Estimated direct materials: 40 meters at $33 per meter $ 1,320 Estimated direct labor: 16 hours at $20 per hour 320 Estimated factory overhead (75% of direct labor cost) 240 Total estimated costs $1,880 Markup (30% of production costs) 564 Total estimate $2,444 On February 17, the chair and couch were picked up from the residence of Millard Schmidt, 315 White Oak Drive, Columbus, Georgia, with a commitment to return them on March 15. The job was completed on March 9. The related materials requisitions and time tickets are summarized as follows: Materials Requisition No. Description Amount 122 20 meters at $33 $660 129 24 meters at $33 792 Time Ticket No. Description Amount T344 8 hours at $20 $160 T348 12 hours at $20 240 Instructions: 1. Complete the portion of the job cost sheet 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 cost sheet. JOB COST SHEET Customer Millard Schmidt Date February 14, 20Y1 Address 315 White Oak Drive Date wanted March 15, 20Y1 Columbus, GA Date completed March 9, 20Y1 Item Reupholster couch and chair Job. No. 02-019 ESTIMATE Direct Materials Direct Labor Summary Amount Amount Amount 40 Meters at $33 $fill in the blank 1 16 Hours at $20 $fill in the blank 2 Direct Materials $fill in the blank 3 Direct Labor fill in the blank 4 Factory Overhead fill in the blank 5 Total $fill in the blank 6 Total $fill in the blank 7 Total cost $fill in the blank 8 ACTUAL Direct Materials Direct Labor Summary Mat. Req. No. Description Amount Time Ticket No. Description Amount Item Amount 122 20 Meters at $33 $fill in the blank 9 T344 8 Hours at $20 $fill in the blank 10 Direct Materials $fill in the blank 11 Direct Labor fill in the blank 12 129 24 Meters at $33 fill in the blank 13 T348 12 Hours at $20 fill in the blank 14 Factory Overhead fill in the blank 15 Total $fill in the blank 16 Total $fill in the blank 17 Total Cost $fill in the blank 18

Job Cost Sheet Hallmark Furniture Company refinishes and reupholsters furniture. Hallmark Furniture 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 February 14, 20Y1, an estimate of $2,444 for reupholstering a chair and couch was given to Millard Schmidt. The estimate was based on the following data: Estimated direct materials: 40 meters at $33 per meter $ 1,320 Estimated direct labor: 16 hours at $20 per hour 320 Estimated factory overhead (75% of direct labor cost) 240 Total estimated costs $1,880 Markup (30% of production costs) 564 Total estimate $2,444 On February 17, the chair and couch were picked up from the residence of Millard Schmidt, 315 White Oak Drive, Columbus, Georgia, with a commitment to return them on March 15. The job was completed on March 9. The related materials requisitions and time tickets are summarized as follows: Materials Requisition No. Description Amount 122 20 meters at $33 $660 129 24 meters at $33 792 Time Ticket No. Description Amount T344 8 hours at $20 $160 T348 12 hours at $20 240 Instructions: 1. Complete the portion of the job cost sheet 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 cost sheet. JOB COST SHEET Customer Millard Schmidt Date February 14, 20Y1 Address 315 White Oak Drive Date wanted March 15, 20Y1 Columbus, GA Date completed March 9, 20Y1 Item Reupholster couch and chair Job. No. 02-019 ESTIMATE Direct Materials Direct Labor Summary Amount Amount Amount 40 Meters at $33 $fill in the blank 1 16 Hours at $20 $fill in the blank 2 Direct Materials $fill in the blank 3 Direct Labor fill in the blank 4 Factory Overhead fill in the blank 5 Total $fill in the blank 6 Total $fill in the blank 7 Total cost $fill in the blank 8 ACTUAL Direct Materials Direct Labor Summary Mat. Req. No. Description Amount Time Ticket No. Description Amount Item Amount 122 20 Meters at $33 $fill in the blank 9 T344 8 Hours at $20 $fill in the blank 10 Direct Materials $fill in the blank 11 Direct Labor fill in the blank 12 129 24 Meters at $33 fill in the blank 13 T348 12 Hours at $20 fill in the blank 14 Factory Overhead fill in the blank 15 Total $fill in the blank 16 Total $fill in the blank 17 Total Cost $fill in the blank 18

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 3PA: Job cost sheet Remnant Carpet Company sells and installs commercial carpeting for office buildings....

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Job Cost Sheet

Hallmark Furniture Company refinishes and reupholsters furniture. Hallmark Furniture 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 February 14, 20Y1, an estimate of $2,444 for reupholstering a chair and couch was given to Millard Schmidt. The estimate was based on the following data:

Estimated direct materials:
40 meters at $33 per meter	$ 1,320
Estimated direct labor:
16 hours at $20 per hour	320
Estimated factory overhead (75% of direct labor cost)	240
Total estimated costs	$1,880
Markup (30% of production costs)	564
Total estimate	$2,444

On February 17, the chair and couch were picked up from the residence of Millard Schmidt, 315 White Oak Drive, Columbus, Georgia, with a commitment to return them on March 15. The job was completed on March 9.

The related materials requisitions and time tickets are summarized as follows:

Materials Requisition No.	Description	Amount
122	20 meters at $33	$660
129	24 meters at $33	792

Time Ticket No.	Description	Amount
T344	8 hours at $20	$160
T348	12 hours at $20	240

Instructions:

1. Complete the portion of the job cost sheet 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 cost sheet.

JOB COST SHEET

Customer	Millard Schmidt	Date	February 14, 20Y1
Address	315 White Oak Drive	Date wanted	March 15, 20Y1
	Columbus, GA	Date completed	March 9, 20Y1
Item	Reupholster couch and chair	Job. No.	02-019
ESTIMATE

Direct Materials

Direct Labor

Summary

Amount

40 Meters at $33

$fill in the blank 1

16 Hours at $20

$fill in the blank 2

Direct Materials

$fill in the blank 3

Direct Labor

fill in the blank 4

Factory Overhead

fill in the blank 5

Total

$fill in the blank 6

Total

$fill in the blank 7

Total cost

$fill in the blank 8

ACTUAL

Direct Materials

Direct Labor

Summary

Mat. Req. No.

Description

Amount

Time Ticket No.

Description

Amount

Item

Amount

122

20 Meters at $33

$fill in the blank 9

T344

8 Hours at $20

$fill in the blank 10

Direct Materials

$fill in the blank 11

Direct Labor

fill in the blank 12

129

24 Meters at $33

fill in the blank 13

T348

12 Hours at $20

fill in the blank 14

Factory Overhead

fill in the blank 15

Total

$fill in the blank 16

Total

$fill in the blank 17

Total Cost

$fill in the blank 18

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