Week 4 Homework Sity Learnings.unvei Savet Pearson Troublesho WA 42: Polynomial Honorlock Directio Help Sove & Exit Submit Check my work 2 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 3 points Manufacturing Overhead Work in Process Finished Goods Debit Credit Debit Credit Debit Credit 0 Balance 497,664 (b) 82,944 414,720 Balance 6,280 (c) 774,000 316,000 Balance (c) 34,000 (d) 774,000 672,000 look 93,000 Balance 136,000 (b) Balance 414,720 56,000 Mc Graw Cost of Goods Sold Debit Credit (d) 672,000 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 $26,880 65,280 322,560 $414,720 Week 4 Homework Saved Help Save & Exit Submit Check my work 3 2 points eBook For example, of the $56,000 ending balance in work in process, $26.880 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. References Required 1 Required 2 Required 3 Mc Graw Hill Identify reasons for entries (a) through (d). Entry (0) (b) (c) (0) Reason < Prev 2 of 3 Next > 2 3 polets nook Hint Deferences Mc Graw Hil Journal entry worksheet Record the adjustment of manufacturing overhead account to COGS. Nate Enter debts before credits Event General Journal Debit Credit Bacout enter Clear Mew reneral ioureal < Prev 2 of 3 Next > Week 4 Homework 2 3 points eBook) Mc Graw Journal entry worksheet 1 Record the allocation of any balance in the manufacturing overhead account to other accounts. Note: Enter debits before credits Event 1 General Journal Debit Credit Clear entry Record entry View general journal < Prev 2 of 3 Next > Check m