Date Exercise 2-3 A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Labor For 2,000 Units Direct Manufacturing Overhead Beg. bal. 6,500 6,000 4,200 Jan. 1 8 6,000 12 8,000 6,800 25 3,000 27 4,000 3,400 15,500 18,000 14,400 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($47,900 2,000) $15,500 18,000 14,400 $47,900 $23.95 (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.g. 55%.) Last year Current year Overhead rate % %