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 6,700 6,000 4,200 8 6,000 12 6,000 4,500 25 2,500 27 4,000 3,000 15,200 16,000 11,700 Cost of completed job: Direct materials $ 15,200 Direct labor 16,000 Manufacturing overhead 11,700 Total cost $ 42,900 Unit cost ($ 42,900 = 2,000) $ 21.45 (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? (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 % % Date Account Titles and Explanation Debit Credit Jan. 31 (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31