I need help with the question below. A job order cost sheet for Lowry Company is

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I need help with the question below. A job order cost sheet for Lowry Company is shown below. Job No. 92 For 2,000 Units Date Direct Direct Manufacturing Materials Labor Overhead Beg. bal. Jan. 1 6,400 6,300 4,725 8 6,300 12 9,100 7,280 25 2,300 27 4,700 3,760 15,000 20,100 15,765 Cost of completed job: Direct materials $15,000 Direct labor 20,100 Manufacturing overhead 15,765 Total cost $50,865 Unit cost ($50,865/2,000) $25.43 (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 $ (2) If manufacturing overhead is applied on the basis of direct labor cost, what overhead rate was used in each year? Last year Current year Overhead rate % % (b) Prepare summary entries at January 31 to record the current year

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