A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units Direct Direct Manufacturing Materials Labor Date Overhead Beg. bal 5,200 7,400 5,1 an. 1 7,400 12 25 27 6,400 5, 2,300 4,800 4,0 14,900 18,600 14,7 Cost of completed job: Direct materials $14,900 18,600 14,700 $48,200 $24.10 Direct labor Manufacturing overhead Total cost Unit cost ($48,2002,000) (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 17,78 (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Ro 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 aco Date Account Titles and Explanation Jan. 31 TWork in Process Inve Debit Credit 17,780 w Materials Invent 17,780 To record raw materials used) Salaries and Wages Payable To record factory labor used) 31 TWork in Process Invent To record manufacturing overhead)