Bal 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 Finished Goods 460,000 kb) 390,000 Bal. 15,000 710,000 50,000 (d) 640,000 Bal. 70,000 260,000 (0) 710,000 85,000 Bal. 120,000 (b 390,000 Bal. 40,000 Cost of Goods sold 640,000 The overhead that had been applied to production during the year is distributed among Work in Process Finished Goods, and Goods Sold as of the end of the year as follows: Work In Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied 19,500 58.500 312,000 390,000 For example, of the $40.000 ending balance in work in process, $19,500 was overhead that had been applied during the year. Required: Required: 1. Identity 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 Required 2 Required 3 Identify reasons for entries (a) through (a). Entry Reason (0) (b) (c) d) Required 2 > Journal entry worksheet Record the allocation of any balance in the manufacturing overhead account to other accounts Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal