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Exercise 20-03 A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead 5,625 5,900 7,500 Date Beg. bal. Jan. 1 8 12 6,561 25 7,500 8,100 2,900 4,300 16,300 19,900 27 3,483 15,669 Cost of completed job: Direct materials $16,300 Direct labor 19,900 Manufacturing overhead 15,669 Total cost $51,869 Unit cost (551,869 = 2,000) $25.93 (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 0 decimal places, e.g. 55%.) Last year Current year Overhead rate 96 (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 Jan. 31 (To record raw materials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job completed) Click if you would like to Show Work for this question: Open Show Work