1. A jub order cost slueet for Michaels company is shown below. Job No. 92 Direct Materials 3,925 6,000 Direct Labor 6,000 For 2,000 Units Manufacturing Overhead 4,200 Date Beg. bal. Jan. 1 8 12 25 8,500 6,375 2,000 4,000 18,500 3,000 13,575 11,925 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($44,000 + 2,000) $11,925 18,500 13,575 $44,000 $ 22.00 Instructions (a) 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 over head rate was used in each year? (b) Prepare summary entries at January 31 to record the current year's transactions per taining to Job No. 92