A job order cost sheet for Crane Company is shown below. Job No. 92 For 2,000 Units Date Direct Materials Direct Labor Manufacturing Overhead Beg. bal. Jan. 1 6,000 7,000 4,900 8 7,000 12 10,000 8,500 25 2,500 27 4,000 3,400 15,500 21,000 16,800 Cost of completed job: Direct materials $15,500 Direct labor 21,000 Manufacturing overhead 16,800 Total cost $53,300 Unit cost ($53,300 2,000) $26.65 (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 $enter the balance in Work in Process Inventory on January 1 in dollars (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to 0 decimal places, e.g. 55%.)