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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 467,712 1b) 309,760 Bal. 18,240 (c) 722,000 Bal. 47.000 (d) 646,000 Bal. 77,952 270,500 722.000 86,500 Bal. 123,000 (b) 389,760 Bal. 43,000 Cost of Goods Sold (d) 646,000 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 Pinished Goods, ending Cost of Goods Sold Overhead applied $ 20,640 59,040 310,080 $ 389,760 For example, of the $43,000 ending balance in work in process, $20,640 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. COST OF GOOGs bola Overhead applied JU,VOU $ 389,760 For example of the $43,000 ending balance in work in process, $20,640 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). Entry Reason (b) (c) (0) Required Required 2 > 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

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