A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units Direct Direct Manufacturing Materials Labor Overhead DateMa Beg. bal. Jan. 1 5,200 6,980 4,886 8 6,980 12 25 27 10,000 8,000 2,900 4,800 15,080 21,780 3,840 16,726 Cost of completed job: $15,080 21,780 16,726 $53,586 $26.79 Direct materials Direct labor Manufacturing overhead Total cost unit cost ($53,586 2,000) (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? 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 answe Last year Current year Overhead rate (b) Prepa at January 31 to record th ars tra