Latta Company provided the following T-accounts for this year. Manufacturing Overhead Debit 476,928 (b) 79,488 (a) Balance Work in Process Finished Goods Credit Debit Credit Debit Credit 397,440 Balance 14,560 (c) 738,000 284,500 Balance (c) 43,000 (d) 738,000 654,000 88,500 Balance 127,000 (b) Balance 397,440 47,000 Cost of Goods Sold Debit Credit (d) 654,000 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 $ 22,560 60,960 313,920 $ 397,440 For example, of the $47,000 ending balance in work in process, $22,560 was applied overhead. Required: 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 Prenare the necessary journal entry Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $ 22,560 60,960 313,920 $ 397,440 For example, of the $47,000 ending balance in work in process, $22,560 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Entry 2000 (a) (b) (c) (d) Reason Required 1 Required 2 Required 3 Assume underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. Note: If no entry 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 a. General Journal Debit Credit Assume underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. View transaction list Journal entry worksheet 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 Show less