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 486,144 (b) 81,024 405,120 Balance 10,880 (c) 754,000 298,500 Balance (c) 39,000 (d) 754,000 662,000 90,500 Balance 131,000 (b) Balance 405,120 51,000 Cost of Goods Sold Debit Credit (d) 662,000 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 $ 24,480 62,880 317,760 $ 405,120 For example, of the $51,000 ending balance in work in process, $24,480 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. 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. Answer is not complete. 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) Actual manufacturing overhead costs incurred for the year. (b) Overhead cost applied to Work in Process for the year. (c) Cost of goods manufactured for the year. (d) Cost of goods sold for the year. Journal entry worksheet < 1 Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal 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 Record entry Clear entry View general journal