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 Work in Process Finished Goods (a) 502,272 (b) 418,560 Bal. 4,440 (c) 782,000 Bal. 32,800 (d) 676,000 Bal. 83,712 323,000 (c) 782,000 94,000 Bal. 138,000 (b) 418,560 | Bal. 58,000 Cost of Goods Sold 676,000 Tela The overhead that had been applied to production during the year Goods Sold as of the end of the year as follows: Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $ 27,840 66,240 324,480 $ 418,560 For example, of the $58,000 ending balance in work in process, $27,840 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. 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