8 The following Information is taken transactions that affected those accounts during the year from the accounts of Latta Company. The entries In the T-accounts are summaries of the polnts b 408,960 Bal. 9,040 (e) 762,000 Bal . 37,00 (d) 666,000 Bal. 1,792 305,500 91,500 408,960 762,000 Bal. 133,000 (b) Bal (d) 666,000 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: 25,440 63,840 319,680 Cost of Goods Sold s 408,960o For example, of the $53,000 ending balance in work in process, $25,440 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Next > MacBook Air that the to Cost of In the first field.) Journal entry worksheet Clear entry that the to Work in necessary journal entry. (If no entry is required for a t select "No journal entry required" in the first t field. Do not round i Journal entry worksheet Clear entry Prex 8of10