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 506,880 (b) 84,480 Work in Process Credit Debit Credit Debit 422,400 Balance 2,600 (e) 330,000 790,000 Balance (c) Finished Goods 30,000 (d) 790,000 Credit 680,000 95,000 Balance 140,000 (b) Balance 422,400 60,000 Cost of Goods Sold Debit Credit (d) 680,000 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 $ 20,000 67,200 326,400 $422,400 For example, of the $60,000 ending balance in work in process, $28,800 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 (a) (b) (c) (d) Reason < Required 1 Requ 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 Record entry Clear entry View general journal