Current Attempt in Progress Aloborder cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials 6,000 7,000 Direct Labor 7,000 For 2,000 Units Manufacturing Overhead 4.900 Date Beg bal. Jan 1 8 12 25 27 10,000 8.500 2,500 15,500 4.000 21.000 3,400 16,860 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($53,300 +2.0001 $15.500 21.000 16,800 $53,300 $26.65 (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 decimal places, s. 553 Last year Current year 96 Overhead rate DOWNQ-HH (1) What was the balance in Work in Process Inventory on January 1if this was the only unfinished job? Balance in Work in Process Inventory on January 1 $ (21f manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to decimal places, es. 55%) Last year Overhead rate Current year % (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 Jan. 31 Credit (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed)