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

Direct Direct Manufacturing Date Materials Labor Overhead Beg. bal. Jan. 1 5,300 6,000 4,200 8 6,000 12 12 7,000 5,600 25 2,500 27 27 4,000 3,200 13,800 17,000 13,000 Cost of completed job: Direct materials $13,800 Direct labor 17,000 Manufacturing overhead 13,000 Total cost $43,800 Unit cost ($43,800+ 2,000) $21.90 (a) On the basis of this 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 $ 15500 (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to O decimal places, e.g. 55%.) Overhead rate Last year % Current year % (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 31 (To record raw materials used) Debit Credit