PART C: (15 POINTS) 1. A juburder cunt lacet fus Michael Company is slawu bdu.. Job No. 92 For 2,000 Units Direct Direct Manufacturing Date Materials Labor Overhead Beg, hal. Jan. 1 3.925 6.000 4.200 8 6.000 12 8.500 6.375 25 2.000 27 4,000 3.000 11.925 18.500 13.575 Cost of completed job: Direct materials $11.925 Direct labor 18.500 Manufacturing overhead 13.575 Total cost $44,000 Unit cost (544,000+ 2,000) $ 22.00 Instructions (a) Answer the following questions (1) What was the balance in Work in Process Inventory on January 1 if this was the only unfinished job? (2) If manufacturing overhead is applied on the basis of direct labor cost. what over head rate was used in each year? (b) Prepare summary entries at January 31 to record the current year's transactions per- taining to Job No. 92