2 The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead Work in Process 3.33 points (a) Bal. 502,272 (b) 83,712 418,560 Bal. 4,440 (c) 782,000 Bal. 323,000 (c) Bal. Finished Goods 32,000 (d) 782,000 676,000 138,000 Skipped eBook 94,000 (b) Bal. 418,560 58,000 (d) Cost of Goods Sold 676,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: Hint Print Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $ 27,840 66,240 324,480 $ 418,560 References For example, of the $58,000 ending balance in work in process, $27,840 was overhead that had been applied during the year. Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Entry (a) (b) () Reason (d) Actual manufacturing overhead costs incurred for the year. Cost of goods manufactured for the year. Cost of goods sold for the year. Overhead cost applied to Work in Process for the year. equired 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < 1 Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 Record the allocation of any balance in the manufacturing overhead account to other accounts. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal