Munoz Company and Perez 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. Munoz Company $168,500 25,000 Actual manufacturing overhead Metul direct labor hours Under applied overhead Overapplied overhead ad Perez Company $211,250 21,000 17,000 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. t ances Complete this question by entering your wer in the tabs below. Megan A Requim Compute the determined overhead rate for each company. (Round your wts to 2 decimal places) Per Direct Labor Mour Munor Company Perez Company Pradiotoined overhead rate Required > Munoz Company and Perez 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. Actual manufacturing overhead Actual direct labor hours Under applied overhead Overapplied overhead Nanos Company $168,500 25,000 Perez Company $211,250 21,000 17,000 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. Complete this question by entering your answers in the tale below. Raqida Required Using Tacconta, record the entry to close the ovetapplied or underapplied overhead at the end of the counting period for each company, assuming the amounts we material Adjusting Entry for Munoz Company Manufacturing Overhead Cost of Goods Sold End. Bal. Austing Entry for Perez Company: Manufacturing Overhead Cont of Goods Sold End. Bal