-115 Question 3 of 10 View Policies Current Attempt in Progress A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date 7,000 8.000 5,600 Beg bal. Jan. 1 8,000 12 9,000 7,200 25 2.900 27 4.000 3.200 17.900 21,000 16,000 $17.900 Cost of completed job Direct materials Direct labor Manufacturing overhead 21.000 16.000 Total cost $54.900 Unit cost ($54.900 +2,000 $27.45 (a) On the basis of the foregoing data, answer the following questions, (2) What was the balance in Work in Process Inventory on January 1if this was the only unfinished job? Balance in Work In Process Inventory on January 1$ (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... 55%.) Last year Current year Overhead rate % (b) Prepare summary entries at January 31 to record the current years transactions pertaining to Job No. 92. (Credit account titles are outomatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Question 3 of 10 16,000 Manufacturing overhead Total cost Unit cost ($54,900 2000) $54,900 $27.45 ta) On the basis of the foregoing data, answer the following questions (1) What was the balance in Work In Process Inventory on January 1 if this was the only unfinished job? Balance in Work In Process Inventory on January 1$ (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.3.55%) Last year Current year Overhead rate (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 Debit Credit Jan 31 (To record raw materials used) 1 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed)