Question 1 of 5 A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units Direct Materials Date Direct Labor Manufacturing Overhead Beg, bal. Jan. 1 7.000 7,000 4,900 8 7.000 12 10,000 7.500 25 2,500 27 5,000 3.750 16,500 22.000 16.150 Cost of completed job: Cost of completed job. Direct materials $16.500 Direct labor 22.000 Manufacturing overhead 16,150 Total cost $ 54,650 Unit cost $ 54,650 2,000) $27.33 a) On the basis of the foregoing data, answer the following questions (1) What was the balance in Work in Process inventory on January this was the only thinished job! $ th:900 Balance in Work in Process inventory on January 1 43 PM 70F * 3 1.89/3 (2) 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 Current year Overhead rate 70 96 75 (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Credit account eitles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit 9500 Jan. 31 Work In Process Inventory 9500 Raw Materials Inventory (To record raw materials used) 31 Work in Processing 78F Question 1 of 5 > 1.89/3 E (To record raw materials used) 31 Work in Process Inventory 11250 Manufacturing Overhead 11250 (To record factory labor used) 31 Work In Process Inventory 15000 Salaries and Wages Payable 15000 (To record manufacturing overhead) 31 Work in Process Inventory Salaries and Wages Payable (To record job completed)