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 (a) Finished Goods 499,968 (b) 416,640 Bal. 5,360 (c) 319,500 93,500 416,640 778,000 33,000 (d) Bal 674,eee Bal. 83,328 (c) 778,000 Bal. 137,000 (b) Bal. 57,000 Cost of Goods Sold 674,000 (d) The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost of Goods Sold as of the end of the year as follows Work in Process, ending Finished Goods, ending Cost of Goods Sold 27,360 65,760 323,520 $ 416,640 Overhead applied For example, of the $57,000 ending balance in work in process. $27,360 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