E2.3 (LO 1, 2, 3, 4), AP A job cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor Date For 2,000 Units Manufacturing Overhead 4,200 Beg. bal. Jan. 6,000 5,000 6,000 1 8 12 25 27 8,000 6,400 2,000 4,000 3,200 13,800 18,000 13,000 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($44,800 + 2,000) $13,000 18,000 13,800 $44.800 $ 22.40 Instructions a. On the basis of this 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? 2. If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? b. Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. ulando Comnany which uses a in order cost system