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) 479,232 (b) 399, 360 Bal. 79,872 Bal. Work in Process 13,640 (c) 742,000 288,000 89,000 399, 360 48,000 Bal. (c) Bal. Finished Goods 42,000 (d) 656,000 742,000 128,000 (b) Bal. Cost of Goods Sold 656,000 (d) 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 $ 23,040 61,440 314,880 $ 399,360 For example, of the $48,000 ending balance in work in process, $23,040 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. Required 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Reason Entry (a) (b) (c) (d) Required 1 Required 2 Required 3 Assume that the underapplied or overapplied overhead is closed to cost of Goods Sold. Prepare the necessary journal en is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event General Journal Debit Credit 1 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 General Journal Debit Credit 1