A job order cost sheet for Sheridan Company is shown below. Job No. 92 For 2,000 Units Direct Materials Date Direct Labor Manufacturing | Overhead Beg. bal. Jan. 1 5.600 6,500 5,070 6,500 9,000 7.380 2,600 4,500 20,000 3,690 16,140 14,700 Cost of completed job: Direct materials $14.700 Direct labor 20,000 Manufacturing overhead 16,140 Total cost Unit cost ($50,840 = 2,000) $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 $ 50840 (b) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to decimal places, e.g. 55%.) Last year Current year Overhead rate 70 % 75 %