uestion 2 Peterson Corporation Company uses a job costing system and had the following data available for the current period. (i)Purchased materials on account (ii) Materials requisitioned includes $6,50o of indirect material) $54,500 (iii)Manufacturing wages incurred (iv) | Assigned manufacturing wages, 85% direct labour, 15% indirect labour $70,000 $75,000 v)Depreciation of factory equipment 13.500 (vi) Other manufacturing overhead incurred Manufacturing overhead applied (as a % of direct labour cost) 130% $165,000 $130,000 (vii) (vii) Cost of goods completed (ix) | Cost of goods sold (on account) at a mark-up of 45% (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 COGS (c) What is balance on the Cost of Goods Sold account after the adjustment (d) Determine the gross profit earned for the period