A job order cost sheet for Sandhill Company is shown below. Job No. 92 For 2,000 Units Direct Direct Manufacturing Date Materials Labor Overhead Beg. bal. Jan. 1 6,300 7,000 4,900 8 7,000 222 12 9,000 7,200 25 3,000 27 4,000 3,200 16,300 20,000 15,300 Cost of completed job: Direct materials $16,300 Direct labor 20,000 Manufacturing overhead 15,300 Total cost $51,600 Unit cost ($51,600 + 2,000) $25.80 Direct materials Direct labor $16,300 20,000 Manufacturing overhead 15,300 Total cost $51,600 Unit cost ($51,600 + 2,000) $25.80 (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 (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%.) Last year Current year % % Overhead rate (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%) Last year Current year Overhead rate % % (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 31 (To record raw materials used) (To record factory labor used) Debit Credit Jan. 31 31 (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) (To record job completed)