The overhead applied to production is distributed among Work in Process, Finished Goods, and Cost of Goods Sold at the end of the year as follows: For example, of the $40,000 ending balance in work in process, $19,500 was applied overhead. Required: 1. Identify reasons for entries (o) through (d). 2. Assume underapplied or overapplied overhead is closed to Cost of Goods Sold. Prepare the necessairy journal entry. 3. Assume underapplied or overapplied ovethead is closed proportionally to Work in Process, Finished Goods, and Cost of Goods Sold. Prepare the necessary joumal entry