Current Attempt in Progress A job order cost sheet for Ryan Company is shown below. Job No. 92 Date Beg. bal. Jan. 1 8 12 25 27 Direct Materials Direct materials Cost of completed job: 6,700 7,000 2,800 16,500 Direct Labor 7,000 10,000 4,000 21,000 $16.500 For 2,000 Units Manufacturing Overhead 4,900 7,500 3,000 15,400

A job order cost sheet for Ryan Company is shown below. (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 to 0 decimal places, e.g. 55%.) Date Account Titles and Explanation Debit Credit Jan. 31 (To record raw matcrials used) 31 (To record factory labor used) 31 (To record manufacturing overhead) 31 (To record job eompleted) (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.s. 55%.) (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.)