A job order cost sheet for Ryan Company is shown below.

Job No. 92						For 2,000 Units
Date		Direct Materials		Direct Labor		Manufacturing Overhead
Beg. bal. Jan. 1		6,300		7,000		4,900
8		7,000
12				9,000		7,200
25		2,600
27				5,000		4,000
		15,900		21,000		16,100

Cost of completed job:
Direct materials		$15,900
Direct labor		21,000
Manufacturing overhead		16,100
Total cost		$53,000
Unit cost ($53,000 2,000)		$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?

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 answers to 0 decimal places, e.g. 55%.)

		Last year			Current year
Overhead rate			%			%

(b) Prepare summary entries at January 31 to record the current years transactions pertaining to Job No. 92. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
Jan. 31
	(To record raw materials used)
31
	(To record factory labor used)
31
	(To record manufacturing overhead)
31
	(To record job completed)