A job order cost sheet for Sheridan Company is shown below. Job No. 92 For 2,000 Units Direct Direct Manufacturing Date Materials Labor Overhead Beg. bal. Jan. 1 5,200 6,000 4,200 8 6,000 12 10,000 7,500 25 2,700 27 4,000 3,000 13,900 20,000 14,700 Cost of completed job: Direct materials $13,900 Direct labor 20,000 Manufacturing overhead 14,700 Cost of completed job: Direct materials $13,900 Direct labor 20,000 Manufacturing overhead 14,700 Total cost $48,600 Unit cost ($48,600 + 2,000) $24.30 (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 78 % 75 % (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 Work in Process Inventory Raw Materials Inventory (To record raw materials used) 31 Work in Process Inventory 31 (To record factory labor used) Work in Process Inventory Debit Credit (To record raw materials used) 31 Work in Process Inventory (To record factory labor used) 31 Work in Process Inventory Manufacturing Overhead (To record manufacturing overhead) 31 Finished Goods Inventory Work in Process Inventory