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 7,000 6,980 4,886 8 6,980 12 9,600 7,200 25 2,500 27 4,800 3,600 16,480 21,380 15,686 Cost of completed job: Direct materials $ 16,480 21,380 Direct labor Manufacturing overhead 15,686 Total cost $53,546 Unit cost ($ 53,546 +2,000) $26.77 (a) On the basis of the foregoing data, answer the following questions. (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) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round O decimal places, e.g. 55%) Last year Current year Overhead rate % %