A job order cost sheet for Sheridan Company is shown below. Job No. 92 For 2,000 Units Direct Materials Direct Labor Manufacturing Overhead Date Beg. bal. Jan. 1 7,000 7.000 4.900 8 7,000 12 7.000 5,600 25 2.300 27 4,000 3.200 16,300 18,000 13,700 Cost of completed job: Direct materials $ 16,300 Direct labor 18,000 Manufacturing overhead 13,700 Total cost $ 48,000 Unit cost ($ 48,000 + 2,000) $24.00 (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 % % (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.)