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 Hork in Process Finished Goods (a) 506,880 (b)422,400 2,600 (c)790,000 330,000 95,000 Bal. () 790,000 Bal.140,000 Bal 30,000 (d) 680,000 Bal. 84,480 (b) 422,400 Bal. 60,000 Cost of Goods Sold (d) 680,000 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, 28,B00 67,200 ending Cost of Goods Sold 326,400 overhead applied $422,400 For example, of the $60,000 ending balance in work in process, $28,800 was overhead that had been applied during the year Required: 1 Identify reasons for entries (a) through (d). 2. Assume that the underappled 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 Required Required 1 2 ? Identify reasons for entries (a) through (d). Entry (a) (b) (c) (d) Reason Required 1 Required 2