Check my worl 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 465,408 (6) 387,840 77,568 (a) Bal. Bal. (b) Work in Process 19,160 (c) 718,000 267,000 86,000 387,840 42,000 Cost of Goods Sold 644,600 Bal. Bal. Finished Goods 48,000(d) 718,000 122,000 644,000 (d) Bal. 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 $ 20,160 58,560 309,120 $ 387,840 For example, of the $42,000 ending balance in work in process, $20,160 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. Required 1 Required 2 Required 3 Assume that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessa is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 > Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finish Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No jour account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 > Record the allocation of any balance in the manufacturing overhead account to other accounts. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal