Goods sold as of the end of the year as follows: work in process, ending $ 21,600 finished goods, ending 60,000 cost of goods sold 312,000 overhead applied $ 393,600 for 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 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.