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 (a) 467,712(b) 389,760 Bal. 77,952 Bal. 722,eee Bai. Work in Process 18, 24e | (c) 270, See 86,5ee 389,25e 43.ee Finished Goods 47, cea (d) 722,eee 123, eee 645, eee (b) Bal. Cost of Goods Sold 546, Bee (d) The overhead that had been applied to production during the year is distnbuted among Work in Process, Finished Goods, and Cos Goods Sold as of the end of the year as follows: Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $ 20.540 59.000 310.se 3389,762 For example of the 543,000 ending balance in work in process, $20,640 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 fournal 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 antry is required for a transaction/event. relect "No journal entry required in the first account field. Do not round intermediate calculations.) View transaction list View journal entry worksheet No Event General Journal Dett 1 0 Work in process Fished goods Cost of goods sold Manufacturing overhead