A job order cost sheet for Ryan Company is shown below.

Job No. 92						For 2,000 Units
Date		Direct Materials		Direct Labor		Manufacturing Overhead
Beg. bal. Jan. 1		6,000		6,700		4,690
8		6,700
12				9,600		8,160
25		2,500
27				3,600		3,060
		15,200		19,900		15,910

Cost of completed job:
Direct materials		$15,200
Direct labor		19,900
Manufacturing overhead		15,910
Total cost		$51,010
Unit cost ($51,010 2,000)		$25.51

(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 answers to 0 decimal places, eg, 55%.) 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 account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 Debit Credit To record raw materials used) 331 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed)