INI View Policies Current Attempt in Progress Ajob order cost sheet for Sheridan Company is shown below. Job No. 92 Direct Materials 5.200 6,000 Direct Labor 6,000 For 2,000 Units Manufacturing Overhead 4,200 Date Beg. bal. Jan. 1 8 12 25 27 10,000 7.500 2.700 4,000 20,000 13,900 3,000 14,700 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost (548,600 +2.000) $13,900 20.000 14,700 $48,600 $24.30 (a) On the basis of this 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 $ (211f manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to decimal places, es 55%) (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answers to O 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. (list all debit entries before credit entries. 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 dezory labor used) 31 (To record manufacturing overhead) 31 (To record job completed) e Textbook and Media