Ajob order cost sheet for Vaughn Company is as follows. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date Beg. bal. Jan. 1 7,400 5,550 5,200 7,400 8 12 8,700 7,221 25 3,100 27 4,300 20,400 3,569 16,340 15,700 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($52,440 = 2.000) $15.700 20,400 16,340 $52,440 $26.22 On the basis of this data, answer the following questions. (a) 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 $ 10,500 (b) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each ye to O decimal places, eg. 55%.) Last year Current year Overhead rate % %