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 Overhend Work in Process Finished Goods a) 481,536 Kb) 401,280 Bal. 12,720 (0) 746,000 Bal. 41,000 id) 658,000 80,256 291,500 (c) 89,500 b) 601,280 Bal. 49,000 cost of Goods Sold (d) 658,000 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: 746.000 229,000 Bal. Work in Process, ending Finished Goods, ending Coat of Goods Sold Overhead applied $ 23,520 61,920 315.40 $ 401,280 For example, of the $49,000 ending balance in work in process. $23,520 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. BEZ Segunda