A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units Date Direct Materials Direct Manufacturing Labor Overhead Beg. bal. Jan. 1 7,100 7,400 5,920 8 7,400 27 222 12 9,300 7,626 25 2,600 4,800 3,936 17,100 21,500 17,482 Cost of completed job: Direct materials $17,100 Direct labor 21,500 Manufacturing overhead 17,482 Total cost $56,082 Cost of completed job: Direct materials $17,100 Direct labor 21,500 Manufacturing overhead 17.482 Total cost $56,082 Unit cost ($56,082 + 2,000) $28.04 (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 O decimal places, eg. 55%) Overhead rate Last year Current year % % (b) Prepare summary entries at January 31 to record the current year's 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 Jan. 31 31 33 (To record raw materials used) 31 33 (To record factory labor used) 31 (To record manufacturing overhead) Debit Credit