2. A summary of the time tickets for August follows: Description Job No. 321 Job No. 329 Job No. 336 Amount $11,000 9,200 3,000 Description Amount Job No. 342 $8,300 Job No. 346 5,700 Indirect labor 6,000 Present the journal entries to record (a) the labor cost incurred and (b) the application of factory overhead to production for August. The factory overhead rate is 70% of direct labor cost. ANS: (a) (b)