Check my work 5 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 (a) 488,448 (b) 407,040 Bal. 81,408 | Bal. 664,000 7.16 points Work in Process 9,960 (c) 758,000 302,000 91,000 407,040 52,000 Bal. (c) Bal. Finished Goods 38,000 (d) 758,000 132,000 Skipped (b) Bal. (d) Cost of Goods Sold 664,000 eBook 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: Hint Print References Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $ 24,960 63,360 318, 720 $ 407,040 For example, of the $52,000 ending balance in work in process, $24,960 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 Prenare the necessarviournal entry