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 6,300 7,000 4,900 8 7,000 12 8,000 6,400 25 2,600 27 4,000 3,200 15,900 19,000 14,500 Cost of completed job: Direct materials $15,900 Direct labor 19.000 Manufacturing overhead 14.500 Total cost $49.400 Unit cost ($49 400-2.0001 $24.70 Direct materials $15,900 Direct labor 19,000 Manufacturing overhead 14,500 Total cost $49,400 Unit cost ($49,400 +2,000) $24.70 (a) On the basis of the foregoing data, answer the following questions. 4 (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, e.g. 55%) Last year Overhead rate 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) (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 Debit Credit 31 EE (To record raw materials used) 31 (To record factory labor used) 31 To record manufacturing overhead) cord job completed)