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 (d) 778,000 137,eee (a) 499,968 (b) 5,360 (c) 319,500 93,5ee 416,640 416,640 Bal 778,000 Bal. 33,e00 674,000 Bal. 83,328 (c) Bal. (b) Bal. 57,000 Cost of Goods Sold (d) 674,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished G0ods, and Cost of Goods Sold as of the end of the year as follows Work in Process, ending Finished Goods, ending Cost of Goods Sold S 27,360 65,760 323,520 Overhead applied $ 416,640 For example, of the $57000 ending balance in work in process, $27360 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 overapplicd 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. Journal entry worksheet k t K 1 nces Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event General Journal Debit Credit 1 No journal entry required Accounts payable Accounts receivable Accumulated depreciation Record e View general journal