A job order cost sheet for Crane Company is shown below. Job No. 92 Direct Materials Direct Labor 8,100 For 2,000 Units Manufacturing Overhead 6,480 Date Beg. bal. Jan. 1 8 12 25 27 6.900 8,100 9,200 7,452 2,500 4,800 17,500 3,888 17,820 22.100 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($57,420 +2,000) $17.500 22,100 17,820 $57,420 $29 On the basis of the foregoing data, answer the following questions. (a) 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 $ (b) 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 Current year Overhead rate 96