ml_con=con&external browser=0&launchurl=https%253A%252F%252Fims,mheducation.com%252Fmgmiddlewa Assignment - required Saved Help 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 Pinished Goods 481.536 kb) 401,280 Bal. 12,720 (0) 746,000 Bal. 41,000 (d) 658,000 Bal. 80,256 291,500 (c) 746,000 89,500 Bal. 129,000 (b) 401,280 Bal. 49,000 Cost of Goods Sold (d) 658,000 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 Cont of Goods Sold Overhead applied $ 23, 520 61,920 315,840 $ 401,280 For example, of the $49,000 ending balance in work in process, $23,520 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. Complete this question by entering your answers in the tabs below. Ramada Ronda 3. Assume that the underapplied or overapplied overhead is closed proportionally 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). Reason Entry (a) (b) (c) (d) ces Required) Required 2 > w Prey 6 of 7 SR TE Ne MacBook Air 80 F3 000 000 ET 33 # $ % Saved enment-required Required 1 Required 2 Required 3 Assume that the underapplied or overapplied overhead is closed to cost of Goods Sold. Prepare the necessary journ As required for a transaction/event, select "No journal entry required in the first account field.) LEN 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 Racord entry Clear entry View general Journal Du nment - required i Saved Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select " 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. General Journal Debit Event 1 Credit Record entry Clear entry View general Journal