Ajob order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date Beg. bal. Jan. 1 8 7,000 6,400 7,000 4,900 12 25 10,000 7,500 2,800 27 4,000 21,000 16,200 3,000 15,400 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($52,600 + 2,000) $16,200 21,000 15,400 $52,600 $26.30 (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 $ 18300 (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to 0 decimal places, e.g. 55%) Last year Current year Overhead rate 70 % 88 96 (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit account