A job order cost sheet for Ryan Company is shown below

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Ryan Company A job order cost sheet for Ryan Company is shown below. For 2,000 Unils Job No. 92 Manulacturing Overhead Direct Labo Direct Ma:erials Date 4,200 Beg hal. Jan. 1 S 5.000 6,000 6.000 8,0100 6,400 12 2.000 25 3,200 4.(x 27 18.00 13,S00 13.000 Cost of completed joh: Direct materials Direct labor $13,000 18,000 13,8() Manufacturing overhead $44,800 Tolal ctest Lnit os: (S-4 800+ 2,0XI): Instructions (a) On the basis of the foregoing data, answer the following questions. What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92