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, c.g. 55%) Last year Current year Overhead rate 96 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, c.g. 55%) Last year Current year Overhead rate 96