The followlng 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. ) 504,576 (b) 420,480 Bal3,520()786,000 Bal. 31,000 (d) 678,000 326,500 94,500 (b)420,480 (a) 786,000 Bal. 139,000 Bal. 59,000 (d) 678,000 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 Pinished Goods, ending Cost of Goods Sold 28,320 66,720 325,440 For example, of the $59,000 ending balance in work in process, $28,320 was overhead that had been applied during the year 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 Sold. Prepare the necessary journal entry your answers in the tabs below. Complete this question by entering 50, 5EE? Next