Your answer is partially correct. Try again A job order cost sheet for Ryan Company is shown below For 2,000 Units ectManufacturing Job No. 92 Direct Dir Materials Labor Date overhead Beg. bal 7,000 7,960 5,572 Jan. 1 8 12 25 27 7,960 9,200 7,360 2,900 4,000 3,200 17,860 21,160 16,132 Cost of completed job: $17,860 21,160 16,132 $55,152 $27.58 Direct materials Direct labor Manufacturing overhead Total cost Unit cost ($55,152 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 20,532 (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