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 Debit Credit Debit Credit Debit Credit O Balance 474,624 (b) 79,104 395,520 Balance. 15,480 (c) 734,000 281,000 Balance (c) 44,000 (d) 652,000 734,000 88,000 Balance 126,000 395,520 Balance 46,000 Cost of Goods Sold Debit Credit (d) 652,000 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 $ 22,080 60,480 312,960 $ 395,520 For example, of the $46,000 ending balance in work in process, $22,080 was overhead that had been applied during the year. 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). Entry 3205 (a) (b) (c) (d) Reason Journal entry worksheet < 1 Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event a. General Journal Debit Credit Record the allocation of any balance in the manufacturing overhead account to other accounts. Note: Enter debits before credits. Event a. General Journal Debit Credit 27