Practice Exercise 1 A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Direct Materials Labor For 2,000 Units Manufacturing Overhead Date Beg. bal. Jan. 1 6,700 7,000 4,900 8 7,000 12 10,000 7,500 25 2,800 27 4,000 3,000 16,500 21,000 15,400 Cost of completed job Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($52,900 + 2,000) $16,500 21,000 15,400 $52.900 $26.45 (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 answers to a decimal places, eg 58%) Last year Overhead rate Current year CALCULATOR PRINTER VERS (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. De not indent manually.) Date Jan. 31 Account Titles and Explanation Debit Credit 31 To record raw materials used)