(a) On the basis of this 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 A job order cost sheet for Cullumber Company is shown below. (To record factory labor used) 31 Work in Process inventory Manufacturing Overhead (To record manufacturing overhesd) 31 Pinuhed Goods inventory Work in Process inventory. (To record job completed) Date Account Titles and Explanation Jan. 31 Debit Work in Process Inventory Raw Materials Inventory (To record raw materials used) 31 Work in Process Imventory Salaries and Wages Payable (To record factory labor used) 31 Work in Process Inventory Manutacturing Overhead (To record manufacturing overhead) (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 places, es. 55\%) (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No, 92 , (List all debit entries before credit entries. Credit account titles are outomatically indented when amount is entered. Do not indent manually)