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UNIVERSITY OF THE WEST INDIES Mona Campus ACCT 1003 - Intro. To Cost & Management Accounting Worksheet # 4: Job Order Costing Lecture Questions Question 1 Peterson Corporation Company uses a job costing system and had the following data available for the current period. (i) Purchased materials on account $70,000 (i) | Materials requisitioned( includes 36,500 of indirect material) 54,500 iii Manufacturing wages incurred 75,000 (iv) | Assigned manufacturing wages, 85% direct labour,15% indirect labour (v) | Depreciation of factory equipment 13,500 (vi) | Other manufacturing overhead incurred 45,900 vii) | Manufacturing overhead applied (as a % of direct labour cost 130% (viii) | Cost of goods completed 165,000 (ix) | Cost of goods sold (on account) at a mark-up of 45% 130,000 State the journal entries necessary to record the above transactions. As your final journal entry, dispose of any overhead variance as a direct write-off to COGS