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 (a) Balance 479,232 (b) 79,872 Cost of Goods Sold Debit Credit (d) 656,000 Work in Process Finished Goods Credit Debit Credit Debit Credit 399,360 Balance 13,640 (c) 742,000 Balance 288,000 (c) 42,000 (d) 742,000 656,000 89,000 Balance 128,000 (b) Balance 399,360 48,000 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 $ 23,040 61,440 314,880 $ 399,360 For example, of the $48,000 ending balance in work in process, $23,040 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). Entry Reason (a) (b) (c) (d) < Required 1 Required 2 > 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 (a) Balance 479,232 (b) 79,872 399,360 Balance 13,640 (c) 742,000 288,000 Balance (c) 42,000 (d) 742,000 656,000 89,000 Balance 128,000 (b) 399,360 Balance 48,000 Cost of Goods Sold Debit Credit (d) 656,000 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 $ 23,040 61,440 314,880 $ 399,360 For example, of the $48,000 ending balance in work in process, $23,040 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 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 1 Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event a. General Journal Debit Credit 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 (a) Balance 479,232 (b) 79,872 Cost of Goods Sold Debit Credit (d) 656,000 Work in Process Finished Goods Credit Debit Credit Debit Credit 399,360 Balance 13,640 (c) 288,000 742,000 Balance (c) 42,000 (d) 742,000 656,000 89,000 Balance 128,000 (b) 399,360 Balance 48,000 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 $ 23,040 61,440 314,880 $ 399,360 For example, of the $48,000 ending balance in work in process, $23,040 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 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: Enter debits before credits. Event a. General Journal Debit Credit >