Franklin Company and Gibson 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. Franklin Company $218,000 30,000 Actual manufacturing overhead Actual direct labor hours Underapplied overhead Overapplied overhead Gibson Company $220,000 22,000 11,000 $ 26,500 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. Required A Required B Compute the predetermined overhead rate for each company. (Round your answers to 2 decimal places.) Per Direct Labor Hour Franklin Company Gibson Company Predetermined overhead rate 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 Franklin Company: Manufacturing Overhead Cost of Goods Sold Adjusting Entry for Gibson Company: Manufacturing Overhead Cost of Goods Sold