Job No. 92 Direct Direct Materials Labor For 2,000 Units Manufacturing Overhead Date Beg. bal. 5,500 7,000 4,900 Jan. 1 8 7,000 12 8,000 6,800 25 2,400 27 4,000 3,400 14,900 19,000 15,100 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($49,000 + 2,000) $14,900 19,000 15,100 $49,000 $24.50 (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 17400 $ (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 Overhead rate Current year % % (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 Jan. 31 31 31 31 (To record raw materials used) (To record factory labor used) (To record manufacturing overhead) (To record job completed) Debit Credit