Exercise 20-03 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 Beg. bal. Jan. 1 6,700 6,000 4,200 8 6,000 12 6,000 4,500 25 2,500 27 4,000 16,000 3,000 11,700 15,200 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($42,900 - 2,000) $15,200 16,000 11,700 $42,900 $21.45 (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 % % (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 Debit Credit Jan. 31 (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