Ajob order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials 6,500 6,000 Direct Labor 6,000 For 2.000 Units Manufacturing Overhead 4200 Date Bee bal. Jan. 1 8 12 25 27 8.000 6,800 3,000 4,000 18.000 3.400 14.400 15,500 Cost of completed job! Direct materials Direct labor Manufacturing overhead Total cost Unit cost (547.900 2.0001 $15,500 18,000 14,400 $47.900 $2395 (a) On the basis of the foregoing data answer the following questions, (1) What was the balance in Work in Process inventory onway 31 this was the only onnished job? Balance in Work in Process inventory on January 1 5 c) i marufacturing overhead is applied on the basis of direct labor cost what overhead rate was used in each year Round answers to decimal locescu: 55%) Last year Current year Overhead rate % Di Prepwe summary entries at January 31 to record the current year's transactions pertaining to lob No. 02. (Credit account titles are automatically indented when amount is entered. Do not inden man Account Titles and Explanation Date Tan. 31 Debit Credit (To record raw materials used) 33 (To record factory uborused) 31 (To record manufacturing overhead