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 493,856 (b) 418,888 82,176 Bal. 766,000 (a) Bal. Bal. Work in Process 8,120 (c) 309, eee 92,000 418,888 54, eee Finished Goods 36, eee (d) 766,00 134,280 668,888 Bal. (b) Bal. (d) Cost of Goods Sold 668,000 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 $ 25,92 64,320 320, 640 $ 410,880 For example, of the $54,000 ending balance in work in process, $25,920 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 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 entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet