Nancy's employer distributes checks at the end of each quarter, representing an equitable portion of 5% of the company's pretax profits for the previous period. this is known as

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.