A job order cost sheet for Blossom Company is shown below. Job No. 92 For 2,000 Units Direct Direct Manufacturing Date Materials Labor Overhead Beg. bal. Jan. 1 6,600 7,000 4,900 8 7,000 12 12 10,000 8,000 25 2,300 27 5,000 4,000 15,900 22,000 16,900 Cost of completed job: Direct materials $15,900 Direct labor 22,000 Manufacturing overhead 16,900 Total cost $54,800 Unit cost ($54,800+ 2,000) $27.40 (a) On the basis of this 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 answe O decimal places, eg. 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. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 31 (To record raw materials used) Debit Credit Question 12 of 20 -/7.5 Date Account Titles and Explanation Debit Credit Jan. 31 31 (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) (To record job completed)