Exercise 15-3 A job order cost sheet for Ryan Company is shown below Job No. 92 For 2,000 Units Direct Direct Manufacturing Materials Labor Overhead Date Beg. bal 5,1006,840 4,788 Jan. 1 6,840 12 25 27 8,400 6,300 2,100 2,700 13,788 3,600 14,040 18,840 Cost of completed job: $14,040 18,840 13,788 $46,668 $23.33 Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($46,6682,000) (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, eg, 55%.) Last year Current year Overhead rate (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 (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 Jan. 31 Debit Credit To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 To record job completed) Click if you would like to Show Work for this question: Open Show Work