2.Assume that the company closes any balance in the manufacturing overhead account directly 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.)

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. (a) 373,000 (b) 414,000 Bal. 104,100 210,400 (c) 763,300 Bal. 41,000 114,300 (b) 414,000 Bal. 152,000 763,300 (d) 818,300 (d) 010.300 The overhead that had been applied to production during the year is distributed among the ending balances in the accounts as follows: For example, of the $80,000 ending balance in work in process, $57,960 was overhead that had been applied during the year. Required: 1. Identify the reasons for entries (a) through (d). 2. Assume that the company closes any balance in the manufacturing overhead account directly 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 Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal