Ajob order cost sheet for Ryan Company is shown below. Job No. 92 Date For 2,000 Units Manufacturing Overhead 4,200 Direct Materials 6,100 6.000 Direct Labor 6,000 Beg bal. Jan. 1 9.000 7.200 8 12 25 27 2,100 5.000 20.000 4000 15400 14,200 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($49.600 2.000) $14,200 20,000 15.400 $49,600 $24.80 (a) On the basis of the foregoing data, answer the following questions, What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? Direct Materials 6.100 6.000 Direct Labor 6,000 Manufacturing Overhead 4,200 Date Beg bal. Jan 1 B 12 25 27 9,000 7.200 2.100 5.000 20.000 4.000 15,400 14.200 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($49.600- 2000) $14,200 20,000 15,400 $49,600 $24.80 (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 1630 (2) manufacturing overhead is applied on the basis of direct labor cost what overhead rate was used in each year? (Round answers to decimal places, s. 55%) Last year Current year Overhead rate 20 % B0 (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. Do not indent manually) Account Titles and Explanation Debit Credit Date Jan 31 over (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 0 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. Do not indent manually) 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) 31 (To record job completed)