A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials 5.200 7,400 Direct Labor 7.400 For 2000 Units Manufacturing Overhead 5,180 Date Beg. bal. Jan. 1 B 12 25 27 6,400 5.440 2.300 4,800 18,600 4,080 14,700 14.900 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cont Unit cost (548,200 + 2.000) $14.900 18,600 14,700 $48.200 $24.10 (a) On the basis of the foregoing data, answer the following question (1) What was the balance in Work in Process trventory on January 1it 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 decimal places, eg. 55%) Last year Current year Overhead rate Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92 (Credit account titles ore automatically indested when amount hentered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan 31 To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overead) 21 To record job completed)