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 361,000 (b) 436,000 Bal. (c) 786,500 105,400 210,100 Bal. 75,000 114,200 (b) 436,000 Bal. 79,200 Finished Goods Cost of Goods Sold Bal. (d) 852,500 (d) 852,500 163,000 786,500 Bal. 97,000 The overhead that had been 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 $ 43,600 87,200 305,200 Overhead applied $ 436,000 For example, of the $79,200 ending balance in work in process, $43,600 was overhead that had been applied during the year. Required: 1. Identify the reasons for entries (a) through (d). Entry Reason (b) (d) 2. Assume that the company closes any balance in the manufacturing overhead account directly to 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.) View transaction list Journal entry worksheet Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal