A job order cost sheet for Ryan Company is shown below. (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 iob? 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 O decimal places, eg. 55% ) (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92, (Credlit account titles dre outamotically indented when amount is entered. Do not indent manually. (To record raw materials used) 31. Work in Process Imentory 13200 Factorylabor (To record factory labor used) 31 Work in Process Inventory 11220 Manufacturing Overhead (To record manufacturing overhead) 31 Finishod Goods Inventory 51010 (To record job conyleted)