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 (a) 497,664 (b) 414,720 Bal. 82,944 Bal. Work in Process 6,280 (c) 774,000 316,000 93,000 414,720 56,000 Bal. (c) Bal. Finished Goods 34,000 672,000 774,000 136,000 points (b) Bal. (d) Cost of Goods Sold 672,000 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 $ 26,880 65,280 322,560 $ 414,720 For example, of the $56,000 ending balance in work in process, $26,880 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