(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, wht overhead rate was used in each year? (Round answers to 0 decimal ploces, es, 55% w) (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92 . (Credit occount titles are: outomoticolly indented when amount is entered. Do not indent manually) (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 72 . (Credit occount titles are. automatically indented when amount is entered. De not indent manually] (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, wht overhead rate was used in each year? (Round answers to 0 decimal ploces, es, 55% w) (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92 . (Credit occount titles are: outomoticolly indented when amount is entered. Do not indent manually) (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 72 . (Credit occount titles are. automatically indented when amount is entered. De not indent manually]