> please explain your answer.

Ajob order cost sheet for Cullumber Company is shown below Job No. 92 For 2000 Units Date Direct Materials Direct Labor Manufacturing Overhead Bec bon1 5.000 6.000 4200 6.000 12 7000 5.600 25 2,500 27 4000 3200 13,800 17000 13.000 Cost of completed job: Direct materials $13.800 Direct labor 17.000 Manufacturint overhead 13.000 Total cost 543,000 Unit cost (543.800 2.000) $21.90 1 On the basis of this data answer the following questions (a) On the basis of this 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 $ 43800 (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, eg 55%) Last year Current year Overhead rate %6 % (b) Prepare summary entries at January 31 to record the current year's transactions pertaining to Job No. 92. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Date Account Titles and Explanation Debit Credit Jan 31 Work in Process Inventory Raw Materials Inventory 1 (To record raw materials used) 31 Work in Process Inventory Factory Labor (To record factory labor used) 31 Work in Process Inventory Manufacturing Overhead (To record manufacturing overhead) 31 Finished Goods Inventory Work in Process Inventory (To record job completed)