A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units DirectDirectManufacturing Date Materials Labor Overhead Beg. bal. 7,000 6,980 4,886 Jan. 1 8 12 25 27 6,980 9,600 7,200 2,500 4,800 3,600 16,480 21,380 15,686 Cost of completed job: Direct materials Direct labor Manufacturing overhead $16,480 21,380 15,686 $53,546 $26.77 Total cost Unit cost ($53,546+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 s (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 Last year Current year Overhead rate (C (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92 entered. Do not indent manually.) Date Account Titles and Explanatiorn Jan. 31 Debit Credit (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed) click if you would like to Show Work for this question: Qpen Show Work