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 Work in Process Finished Goods Debit Credit Debit Credit Debit Credit (a) 474,624 (5) 395,520 Balance 15,480 (0) 734,000 Balance 44,000 (d) 652,000 Balance 79,104 281,000 (c) 734,000 88,000 Balance 126,000 395,520 Balance 46,000 Cost of Goods Sold Debit Credit (d) 652,000 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 $ 22,080 Finished Goods, ending 60,480 Cost of Goods Sold 312,960 overhead applied $ 395,520 For example of the $46,000 ending balance in work in process, $22,080 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required) Identity reasons for entries (a) through (d). Reason Entry () (b) (c) Required 1 Required 2 Required 3 Identify reasons for entries (a) through (d). Reason Entry (a) (b) (c) (d)