8.8 Job card cost summary, journal entries, ledger accounts The Top Tip company operates a job cost system to record product costs. The following balances appeared in the ledger at 1 October: Debit Credit Material control Labour control Work in process Factory overhead control (under-applied overhead to date) 16 200 1 200 24 000 900 Details of the work in process account at 1 October: Materials 3 600 2 400 Total 14 400 Job no Labour 5 400 3 600 Factory overhead 5 400 3 600 9 600 $6 000 $9 000 $9 000 $24 000 During the month of October the following transactions occurred Materials purchased on credit (includes GST of $3 600) Factory labour paid Factory rent paid (includes GST of $840) Prepaid factory insurance written off 39 600 64 500 9 240 15 300 Material and labour dissection for the month showed Materials Labour 3 600 Job 11 Job 12 Job 13 Job 14 Indirect 5 400 4 800 12 000 5 400 15 000 22 800 19 500 15 000 3 000 40 200 66 300 Additional information Factory overhead is applied using a rate of 100% of direct labour cost. At the end of October job 14 was incomplete, jobs 11 and 12 had been finished and sold, and job 13 was completed but not delivered A stocktake at 31 October showed the actual amount of material stock to be $11 850 .October 31 is the end of the financial year Required (a) Complete a job card cost summary. (b) Prepare journal entries for October (c) Prepare ledger accounts for material control, labour control, factory overhead control, work in process and finished goods