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 2.5 points (a) Balance Debit 463,104 (b) 77,184 Cost of Goods Sold Debit Credit eBook (d) 642,000 Work in Process Finished Goods Credit Debit Credit Debit Credit 385,920 Balance 20,080 (c) 714,000 Balance 263,500 (c) 49,000 (d) 714,000 642,000 85,500 (b) Balance 385,920 41,000 Balance 121,000 Ask Print References 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: Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $ 19,680 58,080 308,160 $ 385,920 For example, of the $41,000 ending balance in work in process, $19,680 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 Reason (a) (b) (c) (d) < Required 1 Required 2 >