Peterson Corporation Company uses a job costing system and had the following data available for the current period. Assigned manufacturing wages, 85% direct labour, 15% indirect labour Depreciation of factory equipment $13,500 (i) Purchased materials on account (ii) (iii) (iv) Materials requisitioned (includes $6,500 of indirect material) Manufacturing wages incurred $70,000 $54,500 556 $75,000 (v) (vi) Other manufacturing overhead incurred (ix) Cost of goods sold (on account) at a mark-up of 45% $45,900 130% $165,000 $130,000 (vii) Manufacturing overhead applied (as a % of direct labour cost) (viii) Cost of goods completed (a) State the journal entries necessary to record the above transactions. (b) As your final journal entry, dispose of any overhead variance as a direct write-off to (c) What is balance on the Cost of Goods Sold account after the adjustment