A job order cost sheet for Ryan Company is shown below Job No. 92 For 2,000 Units Direct Manufacturing Direct Materials Labor Date Overhead Beg. bal 6,300 6,700 4,690 Jan. 1 8 12 25 27 6,700 9,200 7,360 2,600 4,800 3,840 15,60020,700 15,890 Cost of completed job Direct materials $15,600 20,700 15,890 $52,190 $26.10 Direct labor Manufacturing overhead Total cost Unit cost ($52,190 2,000) (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