A summary of the time tickets for Trevor Corp for August follows:

Description Amount Description Amount

Job No. 321 $11,000 Job No. 342 $8,300

Job No. 329 9,200 Job No. 346 5,700

Job No. 336 3,000 Indirect labor 6,000

• 1)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.

• 2) Please identify 3 similarities and 2 differences between job order costing and process costing.

Similarities:

Differences: