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nelurumenda Ajob order cost sheet for Ryan Company is shown below. Job No.92 For 2,000 Units oport Direct Materials Date Direct Labor Manufacturing Overhead Beg. bal. Jan. 1 7,000 6,400 7.000 se 10,000 500 2,800 4,000 21,000 16,200 3,000 15,400 Cost of completed job: Direct materials $16,200 Direct labor 21,000 Manufacturing overhead 15,400 Total cost $52,600 Unit cost ($52,600 + 2,000) $26,30 Unit cost ($52,600 2,000) $26.30 (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 decimal places, eg. 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) Credit Debit Date Account Titles and Explanation Jan. 31 E mendation automatically indented when amount is entered. Do not indent manually.) " In Date Account Titles and Explanation Debit Credit Jan. 31 (To record raw materials used) 31 (To record factory labor used) (To record manufacturing overhead) 33 (To record job completed) Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $344,025 for the year, and machine usage is estimated at 125,100 hours. For the year, $366,875 of overhead costs are incurred and 130,100 hours are used. Compute the manufacturing overhead rate for the year. (Round answer to 2 decimal places, c.3. 1.25) Manufacturing overhead rate $ per machine hour e Textbook and Media List of Accounts What is the amount of under or overapplied overhead at December 317 Manufacturing Overhead S