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) 463, 104(b) 385, 920 Bal. 77, 184| Work in Process Bal. 20,080 (c) 714,000 263,500 85,500 (b) 385, 920 Bal. 41,000 Finished Goods Bal. 49,000(d) 642,000 (c) 714,000 Bal. 121,000 Cost of Goods Sold (d) 642,000 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 $ 19,680 Finished Goods, ending 58,080 Cost of Goods Sold 308,160 Overhead applied $385,920 For example, of the $41,000 ending balance in work in process, $19,680 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. 1 Required Required Required 2 3 Identify reasons for entries (a) through (d). Reason Entry (a) (b) (c) (d) Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Assume that the underapplied or overapplied overhead is closed to 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.) Show less View transaction list Journal entry worksheet 1 > Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. General Journal Event 1 Debit Credit Record entry View general journal Clear entry Complete this question by entering your answers in the tabs below. Required Required Required 1 2 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.) Show less 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. General Journal Debit Credit Event 1 Record entry View general journal Clear entry