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 perez company actual manufacturing overhead $ 169,100 $ 216,000 actual direct labor hours 24,000 20,000 underapplied overhead 20,000 overapplied overhead 26,500 required compute the predetermined overhead rate for each company. 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.