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The following information is taken from the accounts of Latta Company

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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 (a) 370,000 (b) 416,000 Bal. (c) 764,600 104,300 209,400 Bal. 46,000 114,300 (b) 416,000 Bal. 79,400 Finished Goods Cost of Goods Sold (d) 820,600 (d) Bal. (c) 820,600 153,000 764,600 Bal. 97,000 The overhead that had been applied to production during the year is distributed among the ending balances in the accounts as follows: Work in process, ending Finished goods, ending Cost of goods Sold $ 24.960 49,920 341,120 Overhead applied $ 416,000 For example, of the $79,400 ending balance in work in process, $24,960 was overhead that had been applied during the year. Required: 1. Identify the reasons for entries (a) through (d).
For example, of the $79,400 ending balance in work in process, $24,960 was overhead that had been applied during the year. Required: 1. Identify the reasons for entries (a) through (d). Reason Entry (a) (b) (c) (d) Actual manufacturing overhead costs for the year. Cost of goods manufactured for the year. Cost of goods sold for the year. Overhead cost applied to work in process for the year.
2. Assume that the company closes any balance in the manufacturing overhead account directly 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 account to COGS. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general Journal
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