(a) On the basis of the foregoing 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 Workin Process Inventory on January 1$ (2) If manufacturing overthead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to 0 decimal ploces, es. 55% ) A job order cost sheet for Ryan Company is shown below. Date Account Titles and Explanation Debit Credit sin31 (To record raw materials used) 31 (To record factory labor used) 94 (Tho recoed manulacturing dverhedd) s. (To iecord bo completed)