A job order cost sheet for Sunland Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date Beg. bal. Jan. 1 5,772 8 12 8,051 6,600 7,400 7,400 9,700 2,800 4,900 16,800 22,000 25 27 4,067 17,890 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($56,690 + 2,000) $ 16,800 22,000 17,890 $56,690 $28 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, e.g. 55%.) Last year Current year % Overhead rate % Do It! Exercise 15A-04 During the current month, Concord Corporation completed Job 310 and Job 312. Job 310 cost $65,500 and Job 312 cost $48,500. Job 312 was sold. Record the completion of the two jobs and the sale of Job 312. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Manufacturing Costs Raw Materials Inventory Factory Labor Manufacturing Overhead Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Completion of Job No. 310 $ Completion of Job No. 312 Sale of Job No. 312 Balances Click if you would like to Show Work for this question: Open Show Work