A job order cost sheet for Ivanhoe Company is shown below. Job No. 92 Beg bal. Jan. 1 2 Total cost Direct Materials 5,500 7.000 2,400 Cost of completed job. Direct materials Direct labor Manufacturing overhead 14.900 Overhead rate Unit cost ($49,000 - 2.000 Direct Labor 7,000 8,000 4,000 19.000 $14900 19.000 $49.000 $2450 (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 Last year For 2,000 Units (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, eg. 55%) Manufacturing Overhead Date Account Titles and Explanation (To record raw materials used) (To record factory labor used) 4,900 194 (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. Current year Debit Credit 1001

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