The following information is taken from the accounts of Foster Corp. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Manufacturing Overhead (a) 396,000 (b) 430,000 Bal. 34,000 Work in Progress Bal. 780,000 109,000 214,000 119,000 430,000 (b) Bal. 92,000 Finished Goods Bal. (c) 166,000 780,000 (d) 838,000 Bal. 108,000 Cost of Goods Sold (d) 838,000 The overhead applied to production during the year is distributed among the ending balances in the accounts as follows: Work in Process, ending Finished Goods, ending Cost of Gooda Sold $ 34,400 43,000 352.600 The overhead applied to production during the year is distributed among the ending balances in the accounts as follows: Work in Process, ending Finished Goods, ending Cost of Goods Sold $ 34,400 43,000 352,600 Overhead applied $430,000 For example, of the $92,000 ending balance in Work in Process, $34,400 was overhead applied during the year. Required: 1. Identify the reasons for entries (a) through (d). Item (a): Item (b): Item (c): Item (d): Actual manufacturing overhead costs for the year. Overhead cost applied to work in process for the year. Cost of goods manufactured for the year. Cost of goods sold for the year. 2. The company allocates any balance in the Manufacturing Overhead account to the other accounts in proportion to the overhead applied during the year that is in the ending balance in each account. Prepare the necessary journal entry. (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 entry allocation of over applied overhead to the other account on the bases of amounts of overhead apply during the year in the ending balance during each account. Note: Enter debits before credits. Transaction General Journal Debit Credit 1. Record entry Clear entry View general journal