A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units Direct Materials Direct Labor Manufacturing Overhead Date Beg. bal. Jan. 1 6,000 7,000 4,900 8 7,000 12 10,000 8,500 25 2,500 27 4,000 3,400 15,500 21,000 16,800 Cost of completed job: Direct materials $ 15,500 Direct labor 21,000 Manufacturing overhead 16,800 Total cost $ 53,300 Unit cost ($ 53,300 = 2,000) $ 26.65 (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 $ 17900 (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 Current year Overhead rate 11900 % 14000 % (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 (To record raw materials used) 31 (To record factory labor used) 31 II DO DE 10 000 (To record manufacturing overhead) 31 (To record job completed)