Current Attempt in Progress A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Direct Labor Date Materials Beg bal. Jan. 1 5,500 7,000 8 7,000 9,000 2,900 4,000 15,400 20,000 222 12 25 27 Cost of completed job: For 2,000 Units Manufacturing Overhead 4.900 7,200 3,200 15,300 Cost of completed job: Direct materials $15,400 Direct labor 20,000 Manufacturing overhead 15,300 Total cost $50,700 Unit cost ($50,700 +2,000) $25.35 (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? (Round answers to O decimal places, e.g. 55%) Last year Current year Overhead rate (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 Debit Credit Jan. 31 (To record raw materials used) (To record factory labor used) 31 31 FOLIC 11- 2:32 PM KATAL QueauviFEVE 31 31 (To record factory labor used) (To record manufacturing overhead) (To record job completed) ||||