Return to question 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 476,928 (6) 397,440 79,488 Bal. 738,000 Bal. (a) Bal. 654,000 Work in Process 14,560 (C) 284,500 88,500 397,440 47,000 Finished Goods 43,000 (d) 738,000 127,000 Bal. (b) Bal. Cost of Goods Sold 654,000 (d) 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 $ 22,560 60,960 313,920 $ 397,440 For example, of the $47,000 ending balance in work in process, $22,560 was overhead that had been applied during the year. Return to question 1. Identity 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) No Event General Journal Debit Credit 1 1 Work in process Finished goods Cost of goods sold Manufacturing overhead 2,742 x 6,570 X 70,486 79,488