The following information is taken from the accounts of Latta Company. The entries in the T-accounts...

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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 Balance 506,850 (b) 84,480 Work in Process Finished Goods Credit Debit Credit Debit Credit 422,400 Balance 2,600 (c) 330,000 790,000 Balance (c) 30,000 (d) 680,000 790,000 95,000 422,400 Balance 60,000 Balance 140,000 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 $28,800 Finished Goods, ending Cost of Goods Sold Overhead applied 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 C 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 Balance 506,850 (b) 84,480 Work in Process Finished Goods Credit Debit Credit Debit Credit 422,400 Balance 2,600 (c) 330,000 790,000 Balance (c) 30,000 (d) 680,000 790,000 95,000 422,400 Balance 60,000 Balance 140,000 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 $28,800 Finished Goods, ending Cost of Goods Sold Overhead applied 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 C