Please help me to solve this problem Check my weExercise 3-8 (Algo) Applying Overhead; Journal Entries; Disposing of Underapplied or OverappliedOverhead [LO3-1, LO3-2, LO3-4]The following information is taken from the accounts of Latta Company. The entries in the T-accounts are summaries of thetransactions that affected those accounts during the year.Manufacturing OverheadDebit(a)Balance472,320 (b)78, 720Cost of Goods SoldDebit650,000CreditCreditWork in Procees, endingFinished Goods, endingCost of Goode SoldOverhead applied393, 600Debit$21.60060,000312.000$.393,600Balance(b)BalanceWork in Process16,400 (c)277, 50087, 500393,60045,000Credit730,000Balancete)BalanceDebitFinished Goods(d)The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost ofGoods Sold as of the end of the year as follows:45,000 (4)730,000125,000Credit The overhead that had been applied to production during the year is distributed among Work in Process, Finished Goods, and Cost ofGoods Sold as of the end of the year as follows:$ 21,60060,000312,000$393, 600Work in Process, endingFinished Goods, endingCost of Goods SoldOverhead appliedFor example, of the $45,000 ending balance in work in process, $21,600 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 entry3. Assume that the underapplied or overapplied overhead is closed proportionally to Work in Process, Finished Goods, and Cost ofGoods Sold. Prepare the necessary journal entry.Complete this question by entering your answers in the tabs below.Required 3Required 1 Required 2Identify reasons for entries (a) through (d).

1) Identify reasons a Actual manufacturing overhead for the year b Applied manufacturing…

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.