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 Credit (a) Balance 83,712 502,272 (b) 418,560 Balance Cost of Goods Sold Debit Credit 676,000 Debit Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied Work in Process (b) Balance Credit 4,440 (c) 782,000 323,000 94,000 418,560 58,000 $ 27,840 66,240 324,480 $ 418,560 Finished Goods Debit (d) The overhead that had been plied 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: Credit Balance 32,000 (d) 676,000 (c) 782,000 Balance 138,000 For example, of the $58,000 ending balance in work in process, $27,840 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. 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. Record entry General Journal Clear entry Debit Credit View general journal