job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date 7,000 4,900 5,100 7,000 Beg. bal. Jan. 1 8 12 25 27 8,000 6,000 2,800 $5,000 3,750 14,900 20,000 14,650 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($49,550 + 2,000) $14.900 20,000 14,650 $49,550 $24.78 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 $ 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, eg. 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 automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 31 Work in Process Inventory Raw Materials inventory (To record raw materials used) 31 Work in Process Inventory Factory Labor (To record factory labor used) 31 Work in Process Inventory Manufacturing Overhead (To record manufacturing overhead)