4 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 Debit points Credit (a) 460,000 (b) Balance 70,000) ellook He Work in Process Credit Finished Goods Debit Credit 300,000 balance 35,000 (c) 710,500 Balance 50,000 (d) 640,000 (c) 710,000 Balance 120,000 (b) 260,000 85,000 390,000 Balance 40,000 Cost of Goods Sold Debit Credi 640,000 (d) 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 Priet Work in Process, ending Finished Goods, ending References Cost of Goods Sold Overhead applied 5,19,500 58,500 317,006 $390,000 For example, of the $40,000 ending balance in work in process. $19,500 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 underapplica 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 es View transaction list Journal entry worksheet Record the adjustment of manufacturing overhead account to COGS. Note: Enter Gebits before credits. Event General Journal Debit Credit Cost of goods sold 70,000 Manufacturing overhead 70,000 Record entry. Clear entry Required 1 View general journal Required 3