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		7,000		7,000		4,900
8		7,000
12				7,000		5,600
25		2,300
27				4,000		3,200
		16,300		18,000		13,700

Cost of completed job:
Direct materials		$ 16,300
Direct labor		18,000
Manufacturing overhead		13,700
Total cost		$ 48,000
Unit cost ($ 48,000 2,000)		$ 24.00

(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	$

(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.)(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 % %

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)