Current Attempt in Progress Ajob order cost shest for Coronado Company is shown below Job No. 92 Direct For 2,000 Units Manufacturing Overhead 4,900 Date Direct Materials 5,100 7,000 Labor Beg bal. Jan. 1 7,000 8,000 6,000 2,800 5,000 20,000 3.750 14,650 14,900 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost (S49,550 - 2,000) $14.900 20,000 14,650 $49,550 $24.79 (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 Imventory on January 1 $ (2) If manufacturing overhaad is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to decimal places, eg 55%) Last year Current year Overhead rats 56 6) 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) Account Titles and Explanation Debit Credit Date Jan 31 (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed)