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 Debit (0) Balance 493,056 (b) 82,176 Work in Process Finished Goods Credit Debit Credit Debit Credit 410,880 Balance 8,120 (c) 766,000 309,000 Balance (c) 36,000 (d) 766,000 668,000 92,000 Balance 134,000 (b) Balance 410,880 54,000 Cost of Goods Sold Debiti Credit (d) 668,000 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 $25,920 64,320 320,640 $410,880 For example, of the $54,000 ending balance in work in process, $25,920 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.