A job order cost sheet for Widhorse Company is shown below. (a) On the basis of this data, answer the following questions. (1) What was the balance in Work in Process Imventory on January 1 if this was the only unfinished job? Balance in Work in Process Inventory on Jantary 1 (2) It manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to O decimal ploces, es. 55% ) (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 ploces, eg. 55%. Date Account Titles and Explanation tan,31 Work in Process inventory Raw Materials inventory (To record raw materials used) 31 Workin Process inventory Factorylaber (To recond factory labor used) 31 Woek in Process Inwentory Manufacturing Overhesd (To record manufacturing overhead) 31 Finished Goods foventory Werk in Process inventory Debit Credit 17900 17900 16000 21000 54000