The following information is taken from the accounts of Lotta 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 4671212 D) Bal. 13,240e) 722,000 Bal. 42,000 (d) 646,000 Bal. 270,500 (0) 722.000 86,500 BAL. (b) 123,000 389,260 Cont of Goods Sold d 646,000 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, onding Cost of Goods Sold Overhead applied $ 20,640 59,040 310.000 5389.760 For example of the $43,000 ending balance in work in process, $20,640 was overhead that had been applied during the year Required: 1. Identify reasons for entries (a) through (d). 2. Assume that the underopplied or overapplied overhead is closed to cost of Goods Sold. Prepare the necessary journal entry 3. Assume that the underapplied or overopplied 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 MacBook Pro