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 (a) 460,000 (b) 390,000 bal. 15,000(c) 710,000 260,000 bal. 70,000 85,000 (b) 390,000 bal. 40,000 finished goods cost of goods soldbal. 50,000 (d) 640,000(d) 640,000 (c) 710,000 bal. 120,000 the overhead that had been applied to production during the year is distributed among the ending balances in the accounts as follows: work in process, ending $ 19,500 finished goods, ending 58,500 cost of goods sold 312,000 overhead applied $ 390,000 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 the reasons for entries (a) through (d). 2. assume that the company closes any balance in the manufacturing overhead account directly to cost of goods sold. prepare the necessary journal entry. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.) 3. assume instead that the company allocates any balance in the manufacturing overhead account to the other accounts in proportion to the overhead applied during the year that is in the ending balance in each account. prepare the necessary journal entry. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field. do not round intermediate calculations.)