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 Finished Goods Debit Credit Debit Credit Debit Credit (a) 490,752 (b) 408,960 Balance 9, 040 (c ) 762, 000 Balance 37,000 (d) 566,000 2.5 Balance 81, 792 305, 500 (c ) 762,000 points 91, 500 Balance 133,000 (b) 408, 960 Balance 53, 000 Cost of Goods Sold Debit Credit eBook (d) 666, 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: Ask Work in Process, ending $ 25, 440 Finished Goods, ending 63, 840 Print Cost of Goods Sold 319, 680 Overhead applied $ 408,960 References For example, of the $53,000 ending balance in work in process, $25,440 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.Required: 1. Identify reasons for entries (a) through (d). eBook 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. Ask Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 References Identify reasons for entries (a) through (d). Entry Reason (a) (b) (C (d) 2 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.) 2.5 points View transaction list Journal entry worksheet eBook Ask Record the adjustment of manufacturing overhead account to COGS. Print Note: Enter debits before credits. References Event General Journal Debit Credit a Record entry Clear entry View general journal 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 2.5 account field. Do not round intermediate calculations.) points View transaction list eBook Journal entry worksheet Ask Record the allocation of any balance in the manufacturing overhead account to other accounts. Print Note: Enter debits before credits. References Event General Journal Debit Credit a Record entry Clear entry View general journal