A job order cost sheet for Sandhill Company is shown below. (b) Prepare summary entries at Jamuary 31 to record the current year's transactions pertaining to Job No. 92 . (Ust all debit entries before credlt entriles. Credit occount tilies ere outomatically indented when amount is entered. Do not indent manuollys) (a) On the basis of this data, answer the following questions. (1) What was the balance in Workin Process Inventory on January 1 ir this was the only unfinkbed 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 O decimal ploces, es. 55% )