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 Company $138,600 22,000 Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Finch Company $292,350 29,000 12,500 27,500 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 End. Bal Adjusting Entry for Finch Company Manufacturing Overhead Cost of Goods Sold 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 $138,600 $292,350 Actual direct labor hours 22,000 29,000 Underapplied overhead 12,500 Overapplied overhead 27,500 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 Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.) Per Direct Labor Hour Fanning Company Finch Company Predetermined overhead rate MA Required B >