Your answer is partially correct. A job order cost sheet for Ryan 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 8,000 6,800 25 2,400 27 22 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 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 $ 17.400 (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, e.g. 55%.) Last year Current year Overhead rate 70 % 85 % (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 Jan. 31 Work in Process Inventory Raw Materials Inventory (To record raw materials used) 31 Work in Process Inventory Manufacturing Overhead (To record factory labor used) 31 Work in Process Inventory Factory Labor (To record manufacturing overhead) 31 Finished Goods Inventory Work in Process Inventory (To record job completed) Debit Credit 9,400 10,200 12,000 49,000 9,400 10,200 12,000 49.000