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. Job No. 92 For 2,000 Unils Direct Materials Direct Lab Manulacturing Overhead Date Beg. bal. Jan. 1 5.000 6,01X 4,200 6.000 8,000 6.400 2.000 27 4.000 3.200 13.000 18.000 13,800 Cost of completed job: Direct materials Direet lab Manufacturing verhead Total cest $13,000 18,000 13.800 $44,800 Lnit cost (8+4.800 2,000: 522.40 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