Exercise 16-3 Your answer is partially correct. Try again. A job order cost sheet for Ryan Company is shown below Job No. 92 Direct Materials Labor For 2,000 Units Manufacturing Overhead Date Beg. bal 5,0006,000 4,200 Jan. 1 6,000 12 25 27 8,000 6,400 2,000 4,000 13,000 18,000 3,200 13,800 Cost of completed job: $13,000 18,000 13,800 $44,800 $22.40 Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($44,800 2,000) (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 15200 (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, eg, 55%.) Last year Current year Overhead rate 70 80