Project I`completely lost on

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Product 1 is made the most. Calculate the ending WIP balance in units and dollars using the weighted average method.

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Green Company
Product 1
Product 2
Product 3
Product 4
Product 5
Product 6
$
$
$
$
$
$
Wholesale Costs (Direct
Material)
2.00
4.00
3.00
6.00
10.00
12.00
Direct Labor Hours
0.50
0.75
1.00
0.50
0.50
0.25
Estimated Manufacturing Overhead – Allocated on Direct Labor Hours of Mixing, Lab, and Sales/Marketing
Product 1
Units in Beginning WIP (80%
complete)
1,200
Units Started and Completed
2,000
Number of Employees
2
1
5
2
1
Type of Department
Operational
Operational
Operational
Service
Service
Department
Mixing
Lab
Sales/Marketing
Administration
IT
Fixed Overhead
Rent – Store
Rent – Warehouse
Insurance
Utilities – Store
Utilities – Warehouse
Server Space and Website
Total Overhead
$
$
$
$
$
$
$
The company wants an annual net profit of $250,000
60,000
30,000
24,000
21,600
6,000
14,400
156,000
Estimated
Manufacturing
Overhead Rate
d Sales/Marketing
Margin %
20.00%
20.00%
15.00%
12.00%
12.00%
10.00%
$
Sales Mix %
25.00%
20.00%
12.00%
15.00%
18.00%
10.00%
55,100
Units in Ending WIP
(40% Complete)
Labor Cost in Beg WIP
Current Period Labor Costs
450 $
3,400 $
4,500
Total Hours Worked
per Employee
2080
2080
1040
2080
2080
Server Hours Used
120
350
600
475
0
Labor Hours Used
4160
2080
5200
4160
2080
Total Cost per Employee
(Hours x Rate)
$
29,120
$
41,600
$
11,440
$
24,960
$
37,440

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