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Required 1Required 2 Required 3 Identify reasons for entries (a) through (d) Entry Reason (a) Actual manufacturing overhead costs incurred for the year. (b) Overhead cost applied to Work in Process for the year (c) Cost of goods manufactured for the year. (d) Cost of goods sold for the year Required 2 > Required 1 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 474,624(b 395,520 Bal. 15,480()734,000 Bal.44,000 (d) 652,000 281,000 88,000 395,520 46,000 Bal 734,000 79,104 Bal.126,000 Bal. Cost of Goods Sold 652,000 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 $ 22,080 60,480 312,960 $ 395,520 Overhead applied For example, of the $46,000 ending balance in work in process, $22,080 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

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