8 00 2 one Exercise 3-8 (Algo) Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead [LO3-1, LO3-2, LO3-4] 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 Work in Process Debit Credit Dekit Credit Debit (0) Balance 46144(b) Balance 10,000 (4) 290,500 10,500 754,000 Balance (+3 Finished Goods 39,000 (4) Credit Balance 131,000 51,000 P Cast of Goods Sold Debit Credit (4) 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 $24,4 For example, of the $51,000 ending balance in work in process. $24,480 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. References 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost 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 antries (a) through (d). Entry (b) (ci (d) Reason Required 2 > 000 Sulu, prepare the necessary journal entry. (If no entry Bs required for transaction/event, select "No journal entry required in the flest account field.) View transaction list Journal entry worksheet Record the adjustment of manufacturing overhead account to COGS. Note Enterdebits bere omits Event 1 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet References Record the allocation of any balance in the manufacturing overhead account to other accounts. Nate Enter debts fetare crdits Event General Journal Debit Credit Record entry Clear entry Exercise 3-8 (Algo) Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead (LO3-1, LO3-2, LO3-4] 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 Ranufacturing Overhead Work in Process Debit Credit Debit Credit Debit Credit Balance 46,144 (6) 01,024] 405 120 Balance 10,000(e) 754,000 Balance 39,000 (d) 754,000 662,000 90,500 405,120 Balance 131,000 Belance Cost of Goods Sold Debit Credit (4) 662,000 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 Work in Process, ending $24,400 Finished Goods, ending Cost of Goods Sold Overhead applied 117,76 $405,130 For example, of the $51,000 ending balance in work in process, $24.480 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. Compiste this question bu References (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 (a) (b) (c) (d) Reason Required 2 > Pris Journal entry worksheet References Record the adjustment of manufacturing overhead account to COGS Note: Enter detats before credits Event 1 General Journal Debit Credi Record entry Clear entry View general journal Print Peferences Journal entry worksheet Record the allocation of any balance in the manufacturing overhead account to other accounts Notariter debts before redis Event General Journal Debit Credit Record entry Clear entry Required 2 View general journal Assessme