Ajob order cost sheet for Concord Company is as follows. Job No. 92 For 2,000 Units Direct Materials Direct Labor Manufacturing Overhead Date Beg. bal. Jan. 1 6.100 6,900 5.175 8 6.900 12 9,400 7.708 25 2.300 27 4.300 3.526 15.300 20.600 16.409 Cost of completed job: Direct materials $15.300 Direct labor 20.600 Manufacturing overhead 16.409 Total cost $52,309 Unit cost ($52,309 2,000) $26.15 On the basis of this data, answer the following questions. (a) 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 (b) 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, eg. 55%) Last year Current year 96 96 Overhead rate