\begin{tabular}{|c|c|c|r|} \hline Job No.92 & & & For 2,000 Units \\ \hline Date & DirectMaterials & DirectLabor & ManufacturingOverhead \\ \hline Beg. bal. Jan.1 & 7,000 & 7,000 & 4,900 \\ 8 & 7,000 & & \\ 12 & 2,500 & & \\ 25 & & 5,500 \\ 27 & & 5,000 & 3,750 \\ \hline & 16,500 & 22,000 & 16,150 \\ \hline \end{tabular} (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 Odecimal places, es. 55%.) Jan.31 Work in Process inventory Raw Materials imventory (To record raw materials used) 31 Work in Process Inventory Factory Labor (To record factory labor used) 31 Work in Process inventory Marufacturing Overhead (To record manufacturing overhead) 31 Finished Goods inventory Work in Process inventory