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: For example, of the $40,000 ending balance in work in process, $19.500 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, Identify reasons for entries (a) through (d)