A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units Date Direct Materials Direct Labor Manufacturing Overhead Beg. bal. Jan. 1 6,500 6,000 4,200 6,000 8,000 6,800 25 3,000 4,000 18,000 15,500 3,400 14,400 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost (547,900 = 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) Il manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to decimal places, Last year Current year Overhead rate BACK NEXT () Prepare summary entries at January 11 to record the current year's transactions et les a utomat e Date Ac d wh e s and Explanation e re Debit Credit Jan. 31 (to recorde d ) (o record factory bowed) (To record and overhead) (To record y completed)