(a) On the basis of the forsgoing 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 Work in Process Inventory on January 1$ (2) If manufacturing overhead is applisd on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to Odecimal places, es. 55\%. (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92 . (Credit account titles are automatically indented when amount is entered. Do not indent manuallyd)