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 Debit Credit () 467.712 (6) 389, 76e Balance 77,952 Work in Process Debit Credit Balance 18,240 (c) 722,000 270,500 86,500 (b) 389, 760 Balance 43,000 Finished Goods Debit Credit Balance 47,000 (d) 646, eee (c) 722,eee Balance 123,000 Cost of Goods Sold Debit Credit 646,000 (d) 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: Work in process, ending Finished Goods ending Cost of Goods Sold Overhead applied $ 20,640 59,040 310.00 $ 389,760 For example of the $13,000 ending balance in work in process. $20,640 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 over applied 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 vour answers in the tabs below. For example of the $43,000 ending balance in work in process, $20,640 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) Required 2 > 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 Record the adjustment of manufacturing overhead account to COGS. Note Enter debits before credits Event General Journal Debit Credit 1 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: ter debit before credits Event General Journal Debit Credit