Campbell Company and Fanning Company both apply overhead to the Work in Process Inventory account using direct labor hours. The following information is available for both companies for the year. Campbell Company $ 146,500 22,000 Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Fanning Company $215,800 22,000 14,500 $ 24,000 Required a. Compute the predetermined overhead rate for each company b. Using T-accounts, record the entry to close the overapplied or underapplied overhead at the end of the accounting period for each company, assuming the amounts are immaterial