Exercise 2-3 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 7,000 4,900 7,000 10,000 7,500 2,800 4,000 21,000 3,000 15,400 16,500 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($52,900 + 2,000) $16,500 21,000 15,400 $52,900 $26.45 (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 die 559.) cost, what overhead rate was used in each year? (Round answers to o decimal places, e.g. Last year Overhead rate (b) Prepare summary entries at January 31 to record the when amount is entered. Do not indent manually.) transactions pertaining to Job No. 92. (Credit account titles are automatically indented Date Account Titles and Explanation Debit Credit (To record raw materials used) (To record factory labor used) (To record manufacturing overhead) to search