View Policies Current Attempt in Progress A job order cost sheet for Ivanhoe Company is shown below. Job No. 92 For 2,000 Units Date Direct Materials. Direct Manufacturing Labor Overhead Beg. bal. Jan. 1 5,500 7,000 4,900 8 7,000 12 12 8,000 6,800 25 2,400 27 4,000 3,400 14,900 19,000 15,100 Cost of completed job: Direct materials $14,900 Direct labor 19,000 Manufacturing overhead 15.100 Total cost $49,000 Unit cost ($49,000+2,000) $24.50 (a) On the basis of this 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 O decimal places, eg. 55%)