Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead 4,900 Date Beg, bal. Jan. 1 7,000 5,100 7,000 8 8,000 6,000 12 25 2,100 27 3,000 4,000 19.000 14,200 13,900 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($47,100 +2,000) $14,200 19.000 13,900 $47.100 $23.55 (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 O decimal places, e.g. 55%.) Last year Current year Overhead rate % %