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 Finished Goods 479,232 b) 399,360 Bal 13.640 (e) 742,000 Bal. 42,000(d) 656,000 79,872 288.000 le) 742.000 89,000 Bal. 128,000 399,360 49,000 Cost of Goods Sold (d) 656,000 Bal. 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: $ 23,040 Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied 314,880 $ 399,360 For example, of the $48,000 ending balance in work in process, $23,040 was overhead that had been applied during the year. Required: 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 11: Next > Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $ 23,040 61,440 314,880 $ 399,360 For example of the $48,000 ending balance in work in process, $23,040 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, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Reason Entry (a) (b) (c) (d) For example, of the $48,000 ending balance in work in process, $23,040 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. 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 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 1 Record the adjustment of manufacturing overhead account to COGS. lov 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.) View transaction list Journal entry worksheet 1 Record the allocation of any balance in the manufacturing overhead account to other accounts. Note: Enter debits before credits. Debit Credit Event General Journal 1
