For example, of the $47,000 ending balance in work in process, $22,560 was applied overhead. Required: 1. Identify reasons for entries (a) through (d). 2. Assume underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessary journal entry. 3. Assume underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary journal entry.