Question 4 A job cost sheet for Rolen Company is shown below. Job No. 92 Direct Materials Direct Labour For 2,000 Units Manufacturing Overhead Date Beginning Balance January 1 $5,640 $2,820 $4,198 6,500 8,570 5,999 2,010 4,390 18,600 3,073 11,892 12,708 Cost of completed job: Direct materials Direct labour Manufacturing overhead $12,708 18,600 11,892 $43,200 Total cost Unit cost ($43,200 = 2,000) $21.60 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? The balance in Work in Process Inventory $........... 2. If manufacturing overhead is applied on the basis of direct labour cost, what overhead rate was used in each year? Last year This year 70 Overhead rate T 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 the amount is entered. Do not inde manually.) Date Account Titles and Explanation Debit Credit Jan. 31 (To assign materials to jobs) (To assign labour to jobs) (To assign manufacturing overhead) 31 (To record completion of job)