Latta Company provided the following T-accounts for this year. Manufacturing Overhead Debit (a) Balance 488,448 (b) 81,408 Work in Process Finished Goods Credit Debit Credit Debit Credit 407,040 Balance 9,960 (c) 758,000 302,000 Balance (c) 38,000 (d) 664,000 758,000 91,000 Balance 132,000 (b) Balance 407,040 52,000 Cost of Goods Sold Debit Credit (d) 664,000 The overhead applied to production is distributed among Work in Process, Finished Goods, and Cost of Goods Sold at the end of the year as follows: 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 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Entry Reason (a) (b) 06 (c) (d) < Required 1 Required 2 >