A new company started production. Job 1 was completed, and Job 2 remains in production. Here is the information from the job cost sheets from their first and only jobs so far: Job 1 Hours Total Cost Job 2 Hours Total Cost Direct materials Direct labor 231 Manufacturing overhead Total cost $ 375 5,313 4,620 $10,308 Direct materials Direct labor $ 405 85 1,955 Manufacturing overhead 1,700 Direct materials $4,060 PLEASE NOTE #1: Account balances will be rounded to whole dollars and shown with "$" and commas as needed ($1,234). You will respond with a "DR" or "CR" - capital letters and no quotes. PLEASE NOTE #2: The predetermined overhead rate will be rounded to two decimal places and shown with "$" and commas as needed (i.e. $12,345.67). The rate does NOT require their proper label. Using the information provided, 1. What is the balance in the work in process inventory? Is the balance a DR or a CR? 2. What is the balance in the finished goods inventory? Is the balance a DR or a CR? 3. If manufacturing overhead is applied on the basis of direct labor hours, what is the predetermined overhead rate?