Exercise 15-03 A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date Beqbal 7,000 4,900 7,000 7,000 10,000 7,500 2,500 5,000 3,750 16,150 16,500 22,000 $16,500 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Unit cost (554,650 + 2,000) 22,000 16,150 $54,650 $27.33 (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 this was the only unfinished job? Balance in Work in Process inventory on January 1s decimal places, . ..) (2) manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to Last year Current year Overhead rate s are automatically indented when amount is entered De () Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit account not indent manually.) CALCULATOR STANDARD VW PRINTER VERSION Last year Current year Overhead rate (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit account tities are automatically indented when amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation Jan. 31 (To record raw materials used) (To record factory labor used) (To record manufacturing overhead) (To record yob completed) Click if you would like to show Work for this question: Open Show Work