Current Attempt in Progress A job order cost sheet for Vaughn Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date Beg. bal. Jan. 1 5,200 7,400 5,550 8 7.400 12 8,700 7,221 25 3,100 27 3,569 4,300 20,400 15,700 16,340 Cost of completed job: Direct materials Direct labor Manufacturing overhead $15,700 20,400 16,340 $52,440 $26 Total cost Unit cost ($52.440 + 2,000) On the basis of the foregoing 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? (Round answers to O decimal places, es. 55%) Last year Current year % Overhead rate