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Exercise 3-8 (Algo) Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead (LO3-1, LO3-2, LO3-4) 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 Debit Credit (a) 476,928 (b) 397,440 Balance 79,488 Work in Process Debit Credit Balance 14,560 (c) 738,000 284,500 88,500 6 397,440 Balance 47,000 Finished Goods Debit dredit Balance 43,000 K) 654,090 (c) 738,000 Balance 127,000 Cost of Goods Sold Debit Credit 654,000 (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 $ 22,560 60,960 313,920 $ 397,440 For example of the $47,000 ending balance in work in process. $22,560 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 ring you no 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 e 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Goods Sold. Prepare the necessary journal entry. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Entry Reason (b) (c) (d) Reed Required 2 > 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 to Cost of Goods Sold. Prepare the necessary journal entry. (If no ent is required for a transaction/event, select "No joumal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment of manufacturing overhead account to COGS. Note: Enter debits before credits. Event General Joumal Debit Credit 1 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Assume that the underapplied or ove plied overhead is closed proportionally to Work in Process, Finished Goods, and cost of Sold. Prepare the necessary journal entry. (If no entry is required for a transaction/event, select "No journal entry required" in ti 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. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal