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 44,000 (d) 734,000 395,520 Bal. 474,624 (b 15,480 (c) 734,000 Bal 652,000 281,000 88,000 395,520 46,000 Bal. 79,104 Bal. .126,000 Bal. Cost of Goods Sold 652,000 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 $ 22,080 60,480 312,960 $ 395,520 For example, of the $46,000 ending balance in work in process, $22,080 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 Journal entry worksheet 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 Required1 Required 3 Record the allocation of any balance in the manufacturing overhead account to other accounts Note: Enter debits before credits. General Journal Debit Credit Event Record entry Clear entry View general journal