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. Finished Goods Manufacturing Overhead 483,840 (b) Work in Process 40,000 (d) 660,000 Bal. Bal. 11,800 295,000 90,000 403,200 750,000 403,200 (c) (a) 750,000 (c) Bal. 80,640 130,000 Bal. (b) Bal. 50,000 Cost of Goods Sold k 660,000 (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: t Work in Process, ending Finished Goods, ending Cost of Goods Sold $ 24,000 62,400 316,800 nces Overhead applied 403,200 For example, of the $50,000 ending balance in work in process, $24,000 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