8. A job order cost sheet for Lowry Company is shown below.Job No. 92 For 2,000 UnitsDateDirect MaterialsDirect LaborManufacturing OverheadBeg. Bal. Jan XXXXXXXXXX,000 6,0002,0006,000 8,000 4,0004,500...

8. A job order cost sheet for Lowry Company is shown below.Job No. 92 For 2,000 UnitsDateDirect MaterialsDirect LaborManufacturing OverheadBeg. Bal. Jan.112 25 2785,000 6,0002,0006,000 8,000 4,0004,500 6,400 3,20013,00018,00014,100Cost of completed job: Direct materialsDirect Labor Manufacturing OverheadTotal costUnit cost ($45,000 ÷ 2,000)$13,000 18,000 14,10045,100 $22.55 Instructionsa. 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?(2). If manufacturing overhead is applied on the basic of direct labor cost. What overhead rate was used in each year?b. Prepare summary entries at January 31 to record the current year’s transactions pertaining to No. 92