Current Attempt in Progress A job order cost sheet for Sheffield Company is as follows. Job No. 92 Date Beg. bal. Jan. 1 Direct Labor Direct Materials 7,000 7,200 For 2,000 Units Manufacturing Overhead 5,760 7,200 8 12 8.700 6,960 25 2,400 27 4,400 20,300 16,600 3,520 16,240 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($53,140 +2.000) $16,600 20,300 16,240 $53,140 $26.57 On the basis of this data, answer the following questions. Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($53, 140 + 2,000) $16,600 20,300 16,240 $53.140 $26.57 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 $ (b) of 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, eg. 55%.) Last year Current year % Overhead rate