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 (a) 357,000 (b) 421,000 Bal. 104,700 (c) 770,100 209,100 Bal. 64,000 114,900 (b) 421,000 Bal 79,600 Finished Goods Cost of Goods Sold Bal. (d) 832,100 159,000 770,100 (d) 832,100 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 $ 25,260 50,520 345,220 Overhead applied $ 421,000 For example, of the $79,600 ending balance in work in process, $25,260 was overhead that had been applied during the year. Required: 1. Identify the reasons for entries (a) through (d). Reason Entry (a) (b) (c) (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