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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 470,016 (5) 391,680 17,320 (0) 726,000 46,000 (d) 648,000 Bal. 78,3361 274,000 87,000 (b) (a) Bal. (c) 726,000 124,000 391,680 44,000 Bal. Cost of Goods Sold (d) 648,000 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 Cost of Goods Sold Overhead applied $ 21,120 59,520 311,040 $ 391,600 For example, of the $44,000 ending balance in work in process, $21,120 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. 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 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Entry Reason (a) Actual manufacturing overhead costs incurred for the year. (b) Overhead cost applied to Work in Process for the year. (c) Cost of goods manufactured for the year. (d) Cost of goods sold for the year. Required 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