- View Policies Current Attempt in Progress Ajob order cost sheet for Wildhorse Company is shown below. Job No. 92 Direct Labor Direct Materials 6,700 7,000 For 2.000 Units Manufacturing Overhead 4,900 7,000 Date Beg bal. Jan. 1 8 12 25 27 10,000 7,500 2,800 4,000 21.000 3,000 15.400 16,500 Cost of completed job: Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($52.900+2.000) $16,500 21,000 15.400 $52.900 $26.45 (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? Balance in Work in Process inventory on January 1 S (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. 2.3.55%) Last year Current year Overhead rate b) Prepare sumentary 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