A job order cost sheet for Blossom Company is shown below. Job No. 92 For 2,000 Units Date Direct Materials Direct Manufacturing Labor Overhead Beg. bal. Jan. 1 5,100 6,000 4,200 8 6,000 12 6,000 4,500 25 2,100 27 4,000 3,000 13,200 16,000 11,700 Cost of completed job: Direct materials $13,200 Direct labor 16,000 Manufacturing overhead 11,700 Total cost $40,900 Unit cost ($40,900+2,000) $20.45 (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 answers to O decimal places, e.g. 55%.) Overhead rate Last year 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 31 31 (To record raw materials used) (To record factory labor used) (To record manufacturing overhead) (To record job completed) Debit Credit