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 470,016 (6) 391,680 78,336 (a) Bal. Bal. 726,000 648,000 Work in Process 17,320 (0) 274,000 87,000 391,680 44,000 Bal. (C) Bal. Finished Goods 46,000 (d) 726,000 124,000 (b) Bal. (d) Cost of Goods Sold 648,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost Goods Sold as of the end of the year as follows: Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $ 21,120 59,520 311,040 $ 391,680 For example, of the $44,000 ending balance in work in process, $21,120 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