Question 2 View Policies Current Attempt in Progress ort A job order cost sheet for Ryan Company is shown below. Job No. 92 For 2,000 Units or Direct Materials Direct Labor Manufacturing Overhead Date Beg. bal. Jan. 1 6,300 6,980 4,886 6,980 9,200 7,360 3,000 4,000 3,200 16,280 20,180 15,446 Cost of completed job: Direct materials $16,280 Direct labor 20,180 Manufacturing overhead 15,446 Total cost $51,906 Tinit cnct 1051 02.2000 42505 Cost of completed job: Direct materials $16.280 20,180 Direct labor Manufacturing overhead 15,446 Total cost $51,906 $25.95 Unit cost ($51,906 +2,000) (a) On the base 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 decimal places, es. 55%) Last year Current year Overhead rate (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. Do not indent manually) Date Account Titles and Explanation Debit Credit MacBook Air ma indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan. 31 (To record raw materials used) (To record factory labor used) (To record manufacturing overhead) (To record job completed) eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit