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 {a) 467,712 389,768 Bal. 18,248 (c) 722,800 Bal. 47,000 (d) 646,800 Bal. 77,9521 270,500 (c) 722,000 86,500 Bal. 123,080 (6) 389,760 Bal. 43,000 Cost of Goods Sold ta 646,000 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 $ 20,640 59,840 310,080 $ 389,760 For example of the $43,000 ending balance in work in process, $20,640 was overhead that had been appiled 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 Record the allocation of any balance in the manufacturing overhead account to other accounts. Note: Enter debits before credits Event Debit Credit 1 General Journal Work in process Finished goods Cost of goods sold Manufacturing overhead Record entry Clear entry View general Journal