8 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 Credit 481,536 Kb) 401,200 Balance 80.256 Work in Process Debit Credit Balance 12,720(e) 746,000 291.500 39.500 (b) 401,200 Balance 49,000 Finished Goods Debit Credit Balance 41.000 (d) 658,000 (0) 746.000 Balance 129,000 cost of Goods sold Dabit Credit 658,000 (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: Work in Process, ending Finished Goods. ending Coat of Goods sold Overhead applied $ 23,520 61,920 315.840 $ 401,280 For example of the $49,000 ending balance in work in process. $23.520 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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 account held. Do not round Intermediate calculations.) No Event General Journal Debit Credit 1 1 Work in process 4,704 Finished goods 12,384 Cost of goods sold 63,138 Manufacturing overhead 80,256 OOOO