Ajob order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units Direct Materials Direct Labor Manufacturing Overhead Date Beg bal. Jan. 1 6,300 7,000 4,900 7.000 7,200 2600 5.000 21.000 4,000 16,100 15,900 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($53.000 +2.000) $15.900 21.000 16,100 $53.000 $26.50 (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? Balance in Work in Process Inventory on January 1 $ (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to decimal places, eg. 55%) Last year Current year Overhead rate (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit account titles are automatically indented when amount is entered. Date Account Titles and Explanation Debit Credit Jan. 31 (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) (To record job completed)