A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials 6,000 6.700 Date Beg. bal.Jan. 1 8 For 2,000 Units Manufacturing Overhead 4,690 Direct Labor 6,700 9,600 8,160 12 25 2.500 27 3,600 19,900 3,060 15,910 15,200 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($51,010 - 2,000) $15,200 19,900 15,910 $51,010 $25.51 (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 0 decimal places, e.g. 55%.) Last year Current year Overhead rate % % (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 Debit Credit Jan. 31 Work in Process Inventory (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed)