Franklin Company and Gibson Company both apply overhead to the Work In Process Inventory account using direct labor hours. The following information is avallable for both companies for the year. 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 immaterlal. Complete this question by entering your answers in the tabs below. Compute the predetermined overhead rate for each company. Note: Round your answers to 2 decimal places. 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 immaterlal. Complete this question by entering your answers in the tabs below. 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