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 Credit (a) 479,232 (b) 399,360 Balance 79,872 Work in Process Debit Credit Balance 13,640 (c) 742,000 288,000 89,000 (b) 399,360 Balance 48,000 Finished Goods Debit Credit Balance 42,000 (d) 656,000 (c) 742,000 Balance 128,000 Cost of Goods Sold Debit Credit (d) 656,000 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 $ 23,040 Finished Goods, ending 61,440 Cost of Goods Sold 314,880 Overhead applied $ 399,360 For example, of the $48,000 ending balance in work in process, $23,040 was overhead that had been applied during the year. Required: 1. Identify reasons for entries (a) through (d). No need to answer 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