Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary fournal en is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the adjustment of manufacturing overhead account to COGS. Notes Enter debits before credits. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, an Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry req account field. Do not round intermediate calculations.) Journal entry worksheet Record the allocation of any balance in the manufacturing overhead account to other accounts. Note: Enter debits before credits. 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. The overhead that had been applied to production during the yeor is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows: For example, of the $40,000 ending balance in work in process, $19,500 was overhead that hod been applied during the year. Required: 1. Identify reasons for entries (o) 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 overapplled overheod is elosed proportionaly to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necossary journal entry