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 45,000 (d) 650,000 16,400 (c) 87,500 45,900 472,320 (b) 393,600 Bal 730,000 Bl Bal 78,720 277,500 73e,000 Bal 125,000 393,600 Bal Cost of Goods Sold 650,000 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 Overhead applied $ 21,600 60,000 312,000 $ 393,60e For example, of the $45,000 ending balance in work in process, $21,600 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