A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date Beg. bal. Jan. 1 7,000 4,900 6,300 7,000 9,000 7,200 2,600 5,000 21,000 4,000 16,100 15,900 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($53,000 + 2,000) $15,900 21,000 16,100 $53,000 $26.50 (a) On the basis of the foregoing 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? (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 decimal places, e.g. 55% (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to Last year Current year Overhead rate 70% (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit account titles are automatically indented when amount is entered. Do not Indent manually.) Date Account Tities and Explanation Jan. 31 Work in Process Inventory TO TRaw Materials Inventory (To record raw materials used) 31 Work in Process Inventory Factory Labor (To record factory labor used) 31 Work in Process Inventory amount is entered. Do not Indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 Work in Process Inventory Raw Materials Inventory (To record raw materials used) 31 Work in Process Inventory Factory Labor (To record factory labor used) 31 Work in Process Inventory Manufacturing Overhead (To record manufacturing overhead) 31 Finished Goods Inventory KS T 53000 Work in Process Inve (To record job completed) TO IS Og Click If you would like to Show Work for this question: Open Show Work