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 481,536 Kb 401,280 80, 256 Bal 746, eee (a) Bal. 658,eee Work in Process 12,720 (c) 291, see 89,500 401,280 49,000 Bal. (c) Bal. Finished Goods 41, eee (d) 746, eee 129,000 (b) Bal. (d) Cost of Goods Sold 658,000 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 $ 23,520 61,920 315,840 $ 481,280 MI SMO, 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. Required 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Reason Entry (a) (b) (c) (d) Journal entry worksheet