A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date Beg. bal. Jan. 6,700 4,690 6,300 6,700 CON 9,200 7,360 2,600 4,800 20,700 3,840 15,890 15,600 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($52,190 + 2,000) $15,600 20,700 15,890 $52,190 $26.10 (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? (1) What was the balance in Work in Process Inventory on January 1f this was the only unfinished job? Balance in Work in Process Inventory on January 1 15600 (2) If manufacturing overhead is applied on the basis of orect labor cost, what overhead rate was used in each year? (Round answers to O decimal places, e.g. 559.) Last year Overhead rate T 701 Current year 8 01% (b) Prepare summary entries at January 31 to record the current year's transacions 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 ebit Credit Jan. 31 Work in Process Inventory Raw Materials inventory To record raw materials used) 31 Work in Process Inventory . Raw Materials Inventory (To record raw materials used) 31 Work in Process Inventory Tractory Labor (To record factory labor used) 31 Work in Process Inventory Manufacturing Overhead (To record manufacturing overhead) 31 Finished Goods Inventory Work in Process Inventory (To record job completed)