ACC 207-In Class Group Exercises #2 E15-3 A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units Direct Direct Manufacturing LaborOverhead Date Materials Labor 12 6,000 6,000 27 2,000 8,000 4,000 Beg, bal. Jan. 5,000 4,200 6,400 3,200 18,000 13,800 13,000 Cost of completed job: Direct materials Direct labor Manufacturing overhead $13,000 18,000 13,800 $44,800 Total cost Unit cost ($44,800+2,000) $22.40 Instructions (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? (2) If manufacturing overhead is applied on the basis of direct labor cost, what over- head rate was used in each year? (b) Prepare summary entries at January 31 to record the current years transactions per taining to Job No. 92