The following Information is taken from the accounts of Latte Company. The entries in the T-accounts are summaries of the transactions that affected those accounts during the year. Work in Process 15,488 (c) 281,080 Manufacturing Overhead (a) Bal. 474,624 (b) 395,528 Bal. 79,184 88,000 (b) 395,528 Bal. 46,000 Cost of Goods Sold (d) 652,808 734,000 Bal (c) Finished Goods 44,088 (4) 734,000 652,000 Bal. 126,000 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 $ 22,888 60,480 312,960 $395,528 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 3 Identify reasons for entries (a) through (d). Entry (a) (b) (2) (d) Reason