Saved Help Save & Exit Submit 10 Check my work Bal. 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 Work in Process Finished Goods 470,016) 391,680 17,320 (0) 726,000 Bal. 46,000 (d) 648,000 Bal. 78,336 274,000 726,000 87,000 Bal. 124,000 (b) 391,680 Bal. 44,000 Cost of Goods Sold (d) 648,000 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: es Work in Process, ending Finished Gooda, ending Cost of Goods Sold Overhead applied $ 21,120 59,520 311,040 $ 391,680 For example, of the $44,000 ending balance in work in process, $21,120 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. Check my work Overhead applied $ 391,680 For example, of the $44,000 ending balance in work in process, $21,120 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. Required 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Reason Entry (a) (b) (c) (d) Required Required 2 > Saved Help Save & Exit Sul Check my wo 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 entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 Record the adjustment of manufacturing overhead pccount to COGS. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general journal