Job No. 92 For 2,000 Units Direct Materials Direct Labor Date Manufacturing Overhead Beg. bal. Jan. 1 5,700 7,000 4,900 8 7,000 12 10,000 8,500 25 2,200 27 4,000 3,400 14,900 21,000 16,800 Cost of completed job: Direct materials $14,900 Direct labor 21,000 Manufacturing overhead 16,800 - / 15 IT Cost of completed job: $14.900 Direct materials Direct labor 21,000 Manufacturing overhead 16,800 Total cost $52,700 Unit cost ($52,700 + 2,000) $26.35 (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 $ (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Round answ= 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. (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 factory labor used) 31 -715 NIE (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed)