Job No. 92 For 2,000 Units Direct Direct Manufacturing Materials Labor Date Beg. bal. an. 1 5,100 6,000 4.200 6,000 12 25 27 6,000 4,500 2,100 4,000 3,000 13,20016,000 11,700 Cost of completed job: Direct materials $13,200 16,000 11,700 $40,900 $20.45 Direct labor Manufacturing overhead Total cost Unit cost ($40,900 2,000) (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 s (2) Ir manufacturing overhead is applied on the basis of direct labor oost what overhead rate was used in each year? (Round answers to O decimal places, e g, 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 automaticaily indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Jan. 31 Debit Credit To record raw materials used) 31 (To record factory labor used) 31 To record manufacturing overhead) 31 (To record job completed)