Current Attempt in Progress A job order cost sheet for Ryan Company is shown below. Job No. 92 Date Best bal Jan 1 B 12 Direct Materials 6,400 3.000 Direct Labor 7,000 For 2,000 Units Manufacturing Overhead 4.900 10.000 7.500 2.500 15.900 M000 21,000 3.000 15.400 Cost of completed job Otras Direct Manufacturing overhead Toral cost Unit cost $52,300 42,000) $15.900 21.000 15.400 $52.300 $2615 (al 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) 1 manutacturing overhead is applied on the basis of direct labor cost what overhead rate was used in each year? (Round answers to O decimal places 55%) Last year Current year Overhead rate 36 (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) Account Titles and Explanation Date Debit Credit Jan. 31 (To record raw materials used) 31 (To record factory tabor used) 31 (To record manufacturing overhead) 31 (To record job completed) Textbook and Media List of Accounts