A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Labor Date Beg. bal. Jan. 1 8 Direct Materials 5,800 7.100 For 2,000 Units Manufacturing Overhead 5,538 7.100 12 9,600 8,064 2,100 25 27 4.400 21.100 3,696 17.298 15.000 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($53,398 - 2000) $15,000 21.100 17.298 $53,398 $26.70 (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to decimal places, c. 55%) Last year Current year Overhead rate 78 % 82 % (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit accouht titles are automatically Indented when amount is entered. Do not Indent manually) Account Titles and Explanation Debit Credit Jan. 31 Work in Process inventory Date 8000 Raw Materials Inventory 8000 (To record raw materials used) Work in Process Inventory 31 12000 Factory Labor 12000 H000 (1) Prepare summary entries at Jawary 31 to record the current year's transactions pertaining to Job No. 92. (Credit account thes are automatically Indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan. 31 Work in Process twentory Raw Materials inventory 8000 (To record raw materials used) 31 Work in Process inventory 12000 Factory Labor (To record factory labor used) 31 Work in Process Inventory 9600 Manufacturing Overhead 9600 (To record manufacturing overhead) 31 Finished Goods Inventory 44800 44100 Work in Process Inventory 12000