View Policies Current Attempt in Progress Stine Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $ 15,000 Process Inventory of $ 3,500 and twojobs in process: Job No.429 $ 2,000, and Job No. 430 $1,500. During May, the com incurred factory labor of $13,700. A summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $ 2,500 $ 1,900 430 3,500 3,000 431 4,400 $ 10,400 7,600 $12.500 General use 800 1,200 $ 11,200 $ 13,700 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is comp during the month On the basis of this data, answer the following questions. (a) 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 $ (b) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Rou to O decimal places. e.g. 55%) Last year Current year Overhead rate 96 %% View Policies Current Attempt in Progress Stine Company uses a job order cost system. On May 1, the company has balances in Raw Materials Inventory of $ 15,000 Process Inventory of $ 3,500 and twojobs in process: Job No.429 $ 2,000, and Job No. 430 $1,500. During May, the com incurred factory labor of $13,700. A summary of source documents reveals the following. Job Number Materials Requisition Slips Labor Time Tickets 429 $ 2,500 $ 1,900 430 3,500 3,000 431 4,400 $ 10,400 7,600 $12.500 General use 800 1,200 $ 11,200 $ 13,700 Stine Company applies manufacturing overhead to jobs at an overhead rate of 60% of direct labor cost. Job No. 429 is comp during the month On the basis of this data, answer the following questions. (a) 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 $ (b) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? (Rou to O decimal places. e.g. 55%) Last year Current year Overhead rate 96 %%