A summary of the time tickets for August follows:? 
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.
Definitions:
Budget Deficit
The financial shortfall when a government's expenditures exceed its revenues over a specified period.
Trade Balance
The gap between a nation's foreign sales and purchases, encompassing both goods and services.
Net Capital Outflow
The difference between a country's total exports of capital and total imports of capital during a specific time period.
Net Exports
The value of a country's total exports minus the value of its total imports.
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