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 () 490,752 (b) 408.960 Bal 9,040 () 762,000Bal.37,000 (d) 666,000 Bal. 81,792 305,500 91,500 408,960 (c) 762,000 Bal. 133,000 (b) Bal. 666,000 Cost of Goods Sold as of the end of the year as follows: $ 25,440 63,840 319,680 s 408,960 k in ending Finished Goods, ending Cost of Goods Sold overhead applied been applied during the year example, of the $53,000 ending balance in work in process, $25,440 was overhead that had Required: 1. Identify reasons for entries (a) through (d). e that the underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry 2. Assum 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. Prex8 of 10 Next 408,960 For example, of the $53,000 ending s, $25,440 was overhead that had been applied during the year. ed ead is closed to Cost of Goods Sold. Prepare the necessary journal entry overhead is closed proportionally to Work in Process, Finished Goods, and Cost of or overa or overa Goods Sold. Prepare the necessary journal entry ok h (d). is In the first a field.) Journal entry worksheet nt fleld. Do not round i select "No journal entry required" in the points Journal entry worksheet