A job order cost sheet for Renshaw Company is shown below.

Instructions(a) On the basis of the foregoing data answer the following questions.(1) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job?(2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year?

(b) Prepare summary entries at January 31 to record the current year?s transactions pertaining to Job No. 92.

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Job No. 92 For 2,000 Units Manufacturing Overhead Direct Direct Date Materials Labor Beg. bal. Jan. 8. 6,000 4,500 1 5,000 6,000 12 8,000 6,400 25 2,000 3,200 27 4,000 13,000 18,000 14,100 Cost of completed job: Direct materials $13,000 18,000 14,100 Direct labor Manufacturing overhead $45,100 Total cost Unit cost ($45,100 + 2,000) $22.55