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 Date Overhead Beg. bal 4,984 5,1007,120 7,120 2,800 Jan. 1 12 25 27 8,000 6,000 4,800 3,600 14,584 15,020 19,920 Cost of completed job: $15,020 19,920 14,584 $49,524 $24.76 Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($49,524 2,000) (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 g (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