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 486,144 (b) 405,120 Bal 1e,880 (c) 754,000 Bal. 39,000 (d) 662,e00 298,500 9e,500 405,12e 51,000 81,024 754,008 Bal. 131,008 Bal. Cost of Goods Sold 662,800 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 $ 24,480 62,880 317,760 $ 405,120 Overhead applied For example, of the $51,000 ending balance in work in process, $24,480 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