A job order cost sheet for Rolen 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.

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