CROPPED DEN Malene V-Neck. Nordstrom URL A job order cost sheet for Ryan Company is shown below. For 2,000 Units Job No. 92 Direct Materials Direct Labor Manufacturing Overhead Date 5,100 7,000 Beg. bal. Jan. 1 4,900 7,000 8,000 6,000 2,800 3,750 5,000 20,000 14,900 14,650 Cost of completed job: Direct materials $14,900 Direct labor 20,000 Manufacturing overhead Total cost 14,650 $49,550 Unit cost (549,550 2.000) $24.78 Nordstrom UNL (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 O decimal places, e s. 55%) Last year Current year Overhead rate 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.) Date Account Titles and Explanation Debit Credit Jan. 31 (To record raw materials used) (To record raw materials used) (To record factory labor used) (To record manufacturing overhead) (To record job completed) Attempts: 0 of 3 used Submit An Save for Later Your grade has been recorded in the Gradebook Thu, Apr 23, 2020,3:16:33 AM (America/New York-04:00)