1 of 5 < Current Attempt in Progress A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units Date Direct Materials Direct Manufacturing Labor Overhead Beg. bal. Jan. 1 7,100 6,300 4,725 00 8 6,300 12 8,800 7,304 25 2,700 27 5,100 4,233 16,100 20,200 16,262 Cost of completed job: Direct materials $16,100 Direct labor 20,200 Manufacturing overhead 16,262 Total cost $52,562 Unit cost ($52,562 +2,000) $26.28 (a) On the basis of the foregoing data, answer the following questions. (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? Balance in Work in Process Inventory on January 1 $ (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to O decimal places, e.g. 55%.) Last year Overhead rate % Current year % (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 Debit Credit 31 31 31 (To record raw materials used) (To record factory labor used) (To record manufacturing overhead) (To record job completed)