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 7,000 7,000 4,900 25 27 8 22 7,000 12 7,000 5,600 2,300 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 $ 18900 (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 70 % Current year 80 % (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 Work in Process Inventory 31 Raw Materials Inventory (To record raw materials used) Work in Process Inventory Factory Labor (To record factory labor used) 31 Work in Process Inventory Manufacturing Overhead (To record manufacturing overhead) 31 Finished Goods Inventory Debit Credit Work in Process Inventory (To record job completed)