On the basis of this 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 $ (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, eg. 55%) Last year Overhead rate eTextbook and Media Current year Current Attempt in Progress A job order cost sheet for Swifty Company is as follows. Job No. 92 For 2,000 Units Date Direct Materials Direct Manufacturing Labor Overhead Beg. bal. Jan. 1 6,100 6,000 4,800 8 6,000 12 9,000 8,280 25 2,200 27 4,500 4,140 14,300 19,500 17,220 Cost of completed job: Direct materials $14,300 Direct labor 19,500 Manufacturing overhead 17,220 Total cost $51,020 Unit cost ($51,020 2,000) $25.51