19 3B Stretch and Trim Carpet Company sells and installs commercial carpeting for officebuildings. Stretch and Trim Carpet Company uses a job order cost system. When aprospective customer asks for a price quote on a job, the estimated cost data areinserted 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 iscompleted, reasons for the variances between the estimated and actual costs are noted on thesheet. The data are then available for management to use in evaluating the efficiency of operationsand in preparing quotes on future jobs. On May 9, Stretch and Trim gave Lunden Consulting anestimate of $18,044 to carpet the consulting firm's newly leased office. The estimate was based onthe following data:Estimated direct materials:400 sq. ft. at $32 per sq. ft.Estimated direct labor:30 hours at $20 per hour....Estimated factory overhead (80% of direct labor cost)..Total estimated costs.....Markup (30% of production costs).Total estimate.....Materials Requisition No.132134Time Ticket No.H9H12Description360 sq. ft. at $3250 sq. ft. at $32On May 10, Lunden Consulting signed a purchase contract, and the carpet was delivered andinstalled on May 15.The related materials requisitions and time tickets are summarized as follows:Description18 hours at $1918 hours at $19Amount$11,5201,600$12,800Amount$342342600480$13,8804,164$18,044Excel 1. and 2.Customer Lunden ConsultingAddress 160 Soda AlleyPurchase, NYItemTotalMat. Req. No.132134Carpet and installationDirect Materialssq. ft. atDirect MaterialsDescriptionsq. ft.Totalatatsq. ft.AmountAmountJOB ORDER COST SHEETTotalTicket No.H9H12DateMay 9Date WantedMay 15Date Completed May 15Job No.999ESTIMATEDirect Laborhours atACTUALDirect LaborDescriptionhoursTotalatathoursAmountAmountDirect materialsDirect laborFactory overheadTotalSummaryTotalSummaryItemDirect materialsDirect laborFactory overheadAmountAmount

Sometimes manufacturers produce products that vary widely from each other, in which case the…

Customer Lur Address 160 Soda Alley Purchase, NY Item Total Mat. Req. No. 132 134 Carpet and installation Direct Materials sq. ft. at sulung Direct Materials Description sq. ft. Total at at sq. ft Amount Amount Total Ticket No. H9 H12 Date 9 Date Wanted May 15 Date Completed May 15 Job No. 999 ESTIMATE Direct Labor hours at ACTUAL Direct Labor Description hours Total at at hours Amount Amount Direct materials Direct labor Factory overhead Total Summary Total Summary Item Direct materials Direct labor Factory overhead Amount Amount

Customer Lur Address 160 Soda Alley Purchase, NY Item Total Mat. Req. No. 132 134 Carpet and installation Direct Materials sq. ft. at sulung Direct Materials Description sq. ft. Total at at sq. ft Amount Amount Total Ticket No. H9 H12 Date 9 Date Wanted May 15 Date Completed May 15 Job No. 999 ESTIMATE Direct Labor hours at ACTUAL Direct Labor Description hours Total at at hours Amount Amount Direct materials Direct labor Factory overhead Total Summary Total Summary Item Direct materials Direct labor Factory overhead Amount Amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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