Exercise 3-8 Applying Overhead; Journal Entries; Disposing of Underapplied or Overapplied Overhead (LO3-1, LO3-2, LO3-4] The following Information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of the transacions that affected those accounts during the year. Manufacturing Overhead 399928 Work in Process 20. ege 714,28 263, see Finished Goods 49.8e 714 288 (6). Bal 335.928 41, Bee Cest of Goods Sold 642.888 The overhead that had been applied to production during the year is distributed among Work In Process. Anished Goods, and Cost of Goods Sold as of the end of the year as follows: Work in Process. ending Cost of Good Sol Overted applied For example, of the $41.000 ending balance in work in process. $19.680 was overhead that has been applied during the year. Required: 2. Identify reasons for entries (a) through (d). 2. Assume that the underapplied or overapped overhead is closed to Cost of Goods Sold. Prepare the necessary joumal entry. 3. Assume that the underapplied or overapped overhead is closed proportionally to work in Process. Finished Goods, and cost of Goods Solo. Prepare the necessary jouma entry