\begin{tabular}{lr} Cost of completed job: & \\ \hline Direct materials & $15,900 \\ Direct labor & 22,000 \\ Manufacturing overhead & 16,900 \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 0 decimal places, e. 5 . 55\%.) (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.) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31