A job order cost sheet for Sheridan Company is shown below. Job No. 92 Direct Materials For 2,000 Units Manufacturing Overhead Direct Labor Date Beg, bal. Jan. 1 5,600 6,500 5,070 6,500 12 9,000 7.380 25 2,600 27 4,500 6,690 14,700 20,000 16.140 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost $14,700 20,000 16,140 $50,840 Unit cost ($50,840 = 2,000) $25 PE - / 8 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($50,840 +2,000) $14,700 20,000 16,140 $50,840 $25 On the basis of the foregoing data, answer the following questions. (a) 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 (b) 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%.) On the basis of the foregoing data, answer the following questions. (a) 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 $ (b) 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%.) Last year Current year % Overhead rate eTextbook and Media