A job order cost sheet for Ryan Company is shown below. Job No. For 2,000 Units 92 Direct Direct Manufacturing Date Materials Labor Overhead Beg. bal. Jan. 6,500 6,000 4,200 6,800 6,000 8,000 3,000 4,000 15,500 18,000 3,400 14,400 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($47,900 - 2,000) $15,500 18,000 14,400 $47,900 $23.95 (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 places, e.g. 55%.) Last year Current year Overhead rate olo (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 31 (To record raw materials used) 31 (To record factory labor used) (To record manufacturing overhead) 31 (To record job completed)