A summary of the time tickets for August follows: 
Journalize the 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:
Factor
A financial company that purchases receivables from businesses, providing them with immediate cash.
Impairment
Impairment is a reduction in the recoverable value of an asset below its carrying value, leading to an expense in the income statement.
Receivable
An amount of money owed to a company by its customers or clients for goods or services provided on credit.
IFRS
The International Financial Reporting Standards (IFRS) are a set of accounting standards developed by the International Accounting Standards Board (IASB) for the preparation of financial statements globally.
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