Exercise 11-6A (Algo) Recording overhead costs in T-accounts LO 11-2 Fanning Company and Finch 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. Fanning Finch Company Company Actual manufacturing overhead $139,800 $251,750 Actual direct labor hours Underapplied overhead 22,000 25,000 10,500 Overapplied overhead $ 28,500 Required ces 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. Complete this question by entering your answers in the tabs below. Required A Required B Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.) Per Direct Labor Hour Fanning Company Predetermined overhead rate Finch Company Required A Required B > Fanning Company and Finch 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. Fanning Finch Company Company Actual manufacturing overhead $139,800 $251,750 Actual direct labor hours 22,000 Underapplied overhead 25,000 10,500 overapplied overhead $ 28,500 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. Complete this question by entering your answers in the tabs below. Required A Required 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. Adjusting Entry for Fanning Company Manufacturing Overhead Cost of Goods Sold Adjusting Entry for Finch Company Manufacturing Overhead