3 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 Bal 48,000d 644,000 267,000 86,000 387,840 5 Bal 122,000 Bal. 42,000 644,000 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 ing 20,160 58,560 309,120 387,840 Finished Goods, ending Cost of Goods Sold Overhead applied For example, of the $42,000 ending balance in work in process, $20,160 was overhead that had been applied during the year Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold Prepare the ned 3. Assume that the underapplied or overapplied overhead is closed proportionally t Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry Required: Complete this question by entering your answers in the tabs below Next> Prev 3 of 4 in Process,ending $ 20,160 58,560 309.120 Finished Goods, ending Cost of Goods Sold Overhead applied For example, of the $42,000 ending balance in work in process, $20,160 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 overh Goods Sold. Prepare the necessary journal entry. ead is closed proportionally to Work in Process, Finished Goods, and Cost cf Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Next > 30, 41ll