Question 6 - Chapter 3 HW - Cor X + V X > C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti... @ @ * Chapter 3 HW @ Saved Help Save & Exit Submit Check my work 6 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. 16.7 Manufacturing Overhead Work in Process Finished Goods Debit Credit Debit Credit Debit Credit points (a) 181, 536 (b) 401, 280 Balance 12, 720 (C) 746, 030 Balance 41, 000 (d) 658, 090 Balance 80, 256 291, 500 (C) 746, 000 89,500 Balance 129, 000 eBook (b) 401, 280 Hint Balance 49,000 Cost of Goods Sold Print Debit Credit (d) 658,090 References 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 $ 23, 520 Finished Goods, ending 61, 920 Cost of Goods Sold 315, 840 Overhead applied $ 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. Mc Graw Hill 1:04 AM 9 2/6/2022 2Question 6 - Chapter 3 HW - Cor X + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/acti... @ @ * Chapter 3 HW Saved Help Save & Exit Submit Check my work 6 Required 1 Required 2 Required 3 16.7 Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods points Sold. Prepare the necessary journal entry. (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 Book Journal entry worksheet Hint Print Record the allocation of any balance in the manufacturing overhead account to other accounts. References Note: Enter debits before credits. Event General Journal Debit Credit Work in process Finished goods Cost of goods sold Manufacturing overhead Record entry Clear entry View general journal Mc Graw Hill 1:05 AM 9 2/6/2022 2