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 Bal. 105,100 (c) 755,300 (a) 385,000 (b) 406,000 209,200 Bal. 21,000 115,000 (b) 406,000 Bal. 80,000 Finished Goods Cost of Goods Sold (d) 809,300 Bal. 153,000 755,300 (d) 809,300 (c) Bal. 99,000 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 $28,420 Finished goods, ending 56,840 320,740 Cost of goods Sold Overhead applied 406,000 $ For example, of the $80,000 ending balance in work in process, $28,420 was overhead that had been applied during the year. Required: 1. Identify the reasons for entries (a) through (d). Answer is complete and correct. Entry (a) (b) (c) (d) Reason 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. 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.) Answer is complete but not entirely correct. No Event General Journal Debit Credit 1 1 99,000 Cost of goods sold Manufacturing overhead 99,000 3. Assume instead that 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. Do not round intermediate calculations.) X Answer is not complete. No Event General Journal Debit Credit 1 1 Work in process Finished goods Cost of goods sold Manufacturing overhead 99,000 X