nu life furniture company refinishes and reupholsters furniture nu life uses a job o 647619

Nu Life Furniture Company refinishes and reupholsters furniture. Nu Life 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 July 1, 2008, an estimate of $1,512.64 for reupholstering two chairs and a couch was given to Ed Douthett. The estimate was based on the following data:

Estimated direct materials:

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17 meters at $23 per meter

$ 391.00

Estimated direct labor:

 

24 hours at $14 per hour

336.00

Estimated factory overhead (65% of direct labor cost)

218.40

Total estimated costs

$ 945.40

Markup (60% of production costs)

567.24

Total estimate

$1,512.64

On July 4, the chairs and couch were picked up from the residence of Ed Douthett, 411 Austin Lane, Alexandria, with a commitment to return them on September 13. The job was completed on September 10.

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

Materials Requisition No.

Description

Amount

3480

7 meters at $23

$161

3492

11 meters at $23

253

Time Ticket No.

Description

Amount

H143

13 hours at $14

$182

H151

15 hours at $14

210

Instructions

1. Complete that portion of the job order cost sheet that would be prepared when the estimate is given to the customer.

2. Assign number 00 10 23 to the job, record the costs incurred, and complete the job order cost sheet. Comment on the reasons for the variances between actual costs and estimated costs. For this purpose, assume that two meters of materials were spoiled, the factory overhead rate has been proved to be satisfactory, and an inexperienced employee performed the work.

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