Exercise 2A-3 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. Jan. 1 5,000 6,000 4,200 6,000 8,000 6,400 2,000 4,000 18,000 3,200 13,800 13,000 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($44,800 + 2,000) $13,000 18,000 13,800 $44,800 $22.40 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, e.g. 55%.) Last year Current year Overhead rate