Job No. 92 Direct Materials For 2,000 Units Manufacturing Overhead Direct Labor Date Beg, bal. Jan. 1 5,700 7,800 5,928 8 7,800 12 9.200 7,360 25 2,800 27 4.400 3,520 16,300 21,400 16,808 Cost of completed job: Direct materials Direct labor $16,300 21,400 Manufacturing overhead 16,808 Total cost $54,508 Unit cost ($54,508 + 2,000) $27 On the basis of the foregoing data, answer the following questions (a) 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 S (b) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each yea to 0 decimal places, e.s. 55%) 10,OVO Total cost $54,508 Unit cost ($54,508 +2,000) $27 On the basis of the foregoing data, answer the following questions (a) What was the balance in Work in Processinventory on January 1 if this was the only unfinished job? Balance in Work in Process Inventory on January 1 $ (b) 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, c.8. 55%.) Last year Current year Overhead rate % % and Media