Exercise 2-3 Your answer is partially correct. Try again. A job order cost sheet for Ryan Company is shown below. Job No. 92 Direct Materials Direct Labor For 2,000 Units Manufacturing Overhead Date Beg. bal. 7,000 8,000 5,600 Jan. 1 8 8,000 12 9,000 7,200 25 2,900 27 4,000 21,000 3,200 16,000 17,900 Cost of completed job: Direct materials Direct labor Manufacturing overhead $17,900 21,000 16,000 $54,900 Total cost Unit cost ($54,900 + 2,000) $27.45 (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? X Balance in Work in Process Inventory on January 1 54900 (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each yea Last year Current year x X Overhead rate o|| % 76.19% (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Cre Date Account Titles and Explanation Debit Credit Jan. 31 Work in Process Inventory 17200 x Raw Materials Inventory 17900 (To record raw materials used) 31 Work in Process Inventory 21000 Factory Labor 21000 (To record factory labor used) 31 Work in Process Inventory 16000 (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (Cred Date Credit Debit Account Titles and Explanation Jan. 31 Work in Process Inventory 17900 > X Raw Materials Inventory 17900 (To record raw materials used) 31 Work in Process Inventory 21000 Factory Labor 21000 (To record factory labor used) X 31 Work in Process Inventory 16000 X Manufacturing Overhead 16000 (To record manufacturing overhead) 31 Finished Goods Inventory 54900 Work in Process Inventory 54900 (To record job completed)