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 5,300 6,280 4,396 8 6,280 12 6,800 5,440 25 2,500 27 3,600 2,880 14,080 16,680 12,716 Cost of completed job: Direct materials $14,080 Direct labor 16,680 Manufacturing overhead 12,716 Total cost $43,476 Unit cost ($43,476 2,000) $21.74 (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