Latta Company provided the following T-accounts for this year. Manufacturing Overhead O Balance Debit 467,712 (6) 77,952 Cost of Goods Sold Rebit Credit (d) 646,000 Work in Process Finished Goods Credit Debit Credit Debit Credit 389,766 Balance 18,340 (c) 722,000 270,500 Balance (c) 47,000 (4) 722,000 646,000 86,500 Balance 123,000 (b) 389,760 Balance 43,000 The overhead applied to production is distributed among Work in Process, Finished Goods, and Cost of Goods Sold at the end of the year as follows: Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $20,640 59,040 110,000 $359,760 For example, of the $43,000 ending balance in work in process, $20,640 was applied overhead Required: 1. Identify reasons for entries (a) through (d). 2. Assume underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. 3. Assume 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 Identify reasons for entries (a) through (d). Entry (a) (b) (c) (d) Reason Journal entry worksheet < 1 Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event a General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 % Record the allocation of any balance in the manufacturing overhead account to other accounts. Note: Enter debits before credits. Event a. General Journal Debit Credit Record entry Clear enter