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) Bal. 490,752 (b) 408,960 Bal. 81,792 9,040 305,500 Work in Process (c) 762,000 Bal. (c) Finished Goods 37,000 (d) 762,000 666,000 91,500 Bal. 133,000 (b) 408,960 Bal. 53,000 Cost of Goods Sold (d) 666,000 The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, a Goods Sold as of the end of the year as follows: Work in Process, ending Finished Goods, ending Cost of Goods Sold Overhead applied $ 25,440 63,840 319,680 $ 408,960 For example, of the $53,000 ending balance in work in process, $25,440 was overhead that had been applied during the ye 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 e 3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and 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). Entry (a) (b) () Reason (d) < Required 1 Required 2 >