mework Question 7 of 13 Current Attempt in Progress A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Date For 2,000 Units Manufacturing Overhead Direct Labor Beg. bal. Jan. 1 5,500 7.000 4,900 8 7,000 12 8,000 6.800 25 2.400 27 4,000 3,400 14,900 19,000 15.100 $14.900 Cost of completed job: Direct materials Direct labor Manufacturing overhead 19,000 15.100 o Question 7 of 13 -/1 $14.900 Cost of completed job: Direct materials Direct labor Manufacturing overhead 19.000 15.100 Total cost $49.000 Unit cost ($49,000 + 2,000) $24.50 (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 answer to decimal places, e.g. 55%.) Last year Current year % Overhead rate % Question 7 of 13 > -11 E (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 (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31