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Remnant Carpet Company sells and installs commercial carpoting for otfice buildingsi. Remnant Carpet Company usas a job order coct systeth. When a prospective customer asks for a ptice 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 cornpleted, 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, femnant Carpet Company gave Jackson consulting an estimate of $3,528 to carpet the consulting firmis newly leased office. The estimate was based on the following data: On October 3, Jackson Consulting signed a purchase contract, and the delivery and instaltation was completed on october 10. On October 3, Jackson Consulting signed a purchase contract, and the delivery and inctallation was completed on October to. The related materials requisitions and time tickets are eummarized as follows: Requirea: 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. 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. portion of the job order cost sheet that would be prepared when the estimate is given to the customer: costs incurred and complete the job order cost sheet. What is the best explanation for the variances between actual costs and estimated costs? (For this purpose. assume that the additional square feet of material used in the job were spoiled, the factory overhead rate has been proved to be satisfactory, and an inexperienced employee performed the work.] a. The direct materials cost exceeded the estimate by $140 because 4 square feet of materials were spolied. The direct fabor cost exceeded the estimate by $120 because an additional 4 hours of labor were used by an inexperienced employee. The factory overhead cost exceeded the estimate because an additional $90 of factory overhead was allocated because of the increase in direct labor. b. Management didn't provide enough direction to complete tasks on budget. c. The direct materials cost exceeded the estimate by $105 because 3 square feet of materials were spolled. d. The direct fabor cost exceeded the estimate by $360 because an additional 4 hours of labor were used by an inexperienced employee. Select the correct answer from the above choices. st explanation for the variances between actual costs and estirnated costs? (for this purpose, assume that the additional square feet of in the job were spoiled, the factory overhead rate has been proved to be satisfactory, and an inexperienced emplovee performed the haterials cost exceeded the estimate by $140 because 4 square feet of materials were spoiled. The direct labor cost exceeded the $120 because an additional 4 hours of labor were used by an inexperienced employee. The factory overhead cost exceeded the estimate additional $90 of factory overhead was allocated because of the increase in direct labor. t didn't provide enough direction to complete tasks on budget. haterials cost exceeded the estimate by $105 because 3 square feet of materials were spoiled. abor cost exceeded the estimate by $360 because an additional 4 hours of labor were used by an inexperienced employee. ect answer from the above choices. Remnant Carpet Company seils and installs commercial carpeting for office bulldings. Remnant Carpet Compary uses a job order coot system. When a prospective customer asks for a price quote on a job, the estimated cost data are inserted on an unnumbered job cost sheec. If the offer is accepted, a number is assigned to the job, and the costs incurred are reconded in the usual manner on the job cost sheet. After the job is cornpleted, reasons for the variances between the estimated and actual costs are noted on the sheet. The data are then available to managemant in evaluating the efficiency of operations and in preparing quotes on future jobs. On October 1, Remnant Carpet Company gave lackson Consulting an estimate of $3,528 to carpet the consulting firm's newly leased office. The estimate was based on the following data: On October 3, Jackson Consulting signed a purchase contract, and the delivery and installation was completed on October 10 . The related materials requisitions and time tickets are summarized as follows: On October 3 , Jackson Consulting signed a purchase contract, and the delivery and installation was completed on October 10. The related materials requisitions and time tickets are summarized as follows: 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 coses incurred and complete the job order cost sheet. Enter amounts as positive numbers. 1. Complete that portion of the job order cost sheet that would be prepared when the estienate is given to the castomer. 2. Record the costs incurred and complete the job order cost sheet. portion of the job order cost sheet that nould be prepared when the estimate is given to the custemer. osts incurred and complete the job order cont sheot. What is the best explanation for the variances between actual costs and estimated costs? (For this purpose, assume that thet additional square feet at material used in the job were spolied, the factory overhead rate has been proved to be satisfactory, and an inexperienced employee performed the workin a. The direct materials cost exceeded the estimate by $140 because 4 square feet of materlals were spolled. The direct labor cost exceeded the estimate by $120 because an additional 4 hours of fabor were used by an inexperienced employee. The factory overhead cost exceeded the estimate because an additional \$90 of factory overhead was allocated because of the increase in direct labor. b. Management didn't provide enough direction to complete tasks on budget. c. The direct materials cost exceeded the ectimate by $105 because 3 square feet of materials were spoiled. d. The direct labor cost exceeded the estimate by $360 because an additional 4 hours of labor were used by an inexperienced employee. select the correct answer from the above choices. explanation for the variances between actual costs and estimated costs? [For this purpose, assume that the additional square feet of he job were spolled, the factory overhead rate has been proved to be satisfactory, and an inexperienced employee performed the iaterials cost exceeded the estimate by $140 because 4 square feet of materials were spolled. The direct labor cost exceeded the $120 because an additional 4 hours of labor were used by an inexperienced employee. The factory overhead cost exceeded the estimate additional $90 of factory overhead was allocated because of the increase in direct labor: th didn't provide enough direction to cornplete tasks on budget. iaterials cost exceeded the estimate by $105 because 3 square feet of materials were spoiled. abor cost exceeded the estimate by $360 because an additional 4 hours of labor were used by an inexperienced employee. ect answer from the above choices

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