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 504,576 (b) 420, 430 84,096 Bal. Bal 785,000 Work in Process 3,520 (0) 326,500 94,500 420,450 59,000 Finished Goods 31,000 (d) 786,000 139,000 678,000 (b) Bal. (d) Cost of Goods Sold 678,000 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 $ 28,320 66,720 325,440 $ 420, 480 For example of the $59,000 ending balance in work in process, $28,320 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. Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in the fi account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 Record the allocation of any balance in the manufacturing overhead account to other accounts. Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal