Ajob order cost sheet for Cullumber Company is shown below. Job No. 92 For 2,000 Units Direct Direct Manufacturing Materials Labor Overhead Beg. bal. Jan. 1 8 12 25 Cost of completed job: Direct materials 13,800 Direct labor 17.000 Manufacturing overhead 13.000 Total cost 43,800 Unit cost ($43,800 =+ 2,000) $21.90 (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 $ 15500 (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to Odecimal places, e.g. 55%.) Last year Current year (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 automatically indented when amount is entered. Do not indent manually.) (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 automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan.31 Work in Process Inventory 13800 | | ' Raw Materials Inventory | ' || 13800 || (To record raw materials used) 31 ' Work in Process Inventory | ' 17000 || || ' Factory Wages Payable || ' || 17000 || (To record factory labor used) 31 Work in Process Inventory | ' 13000 || || Manufacturing Overhead | 13000 | (To record manufacturing overhead) 31 Finished Goods Inventory | ' 43800 ' | Work in Process Inventory 43800 (To record job completed)