Finch Company and Franklin Company both apply overhead to the Work In Process Inventory account using...

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Finch Company and Franklin 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 Underapplied overhead Actual direct labor hours Overapplied overhead Finch Company $ 160,500 23,000 Franklin Company $217,200 22,000 17,000 $ 23,500 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. Finch Company and Franklin 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 Underapplied overhead Actual direct labor hours Overapplied overhead Finch Company $ 160,500 23,000 Franklin Company $217,200 22,000 17,000 $ 23,500 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.