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) 495,360 (b) 412,800 Bal. 82,560 Bal. Work in Process 7,200 c) 770,000 312,500 92,500 412,800 55,000 Bal. (c) Bal. Finished Goods 35,000 (d) 670,000 770,000 135,000 (b) Bal. (d) Cost of Goods Sold 670,000 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 $ 26,400 64,800 321,600 $ 412,800 ces For example, of the $55,000 ending balance in work in process, $26,400 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. Journal entry worksheet int