1. (LC 1, 2, 3, 4) A job order cost sheet for Michaels Company is shown below. Analyse a job cost sheet and prepare entries for manufacturing costs Job No. 92 Direct Labor Date Beg, bal. Jan. Direct Materials 3.925 6,000 For 2,000 Units Manufacturing Overhead 4.200 6,000 1 8 12 25 27 8.500 6,375 2.000 4,000 18.500 3,000 13,575 a23 11.925 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost (844,000 + 2,000) $11.925 18,500 13.575 S44.000 $ 22.00 Instructions 1. Answer the following questions 1. What was the balance in Work in Process Inventory on January 1 if this was the only unfin- ished 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 pertaining to Job No. 92