Process Costing Tempe Manufacturing Company makes a single product that is produced on a continuous basis in one department. All materials are added at the beginning of production. The total cost per equivalent unit in process in March 2009 was $4.60, consisting of $3.00 for materials and $1.60 for conversion. During the month, 9,300 units of product were transferred to finished goods inventory; on March 31, 2,500 units were in process, 10 percent converted. The company uses weighted average costing. (a) Determine the cost of goods transferred to finished goods inventory.
(b) Determine the cost of the ending work-in-process inventory.
(c) What was the total cost of the beginning work-in-process inventory plus the current manufacturing costs?

a. $42,780

b. $7,900

c. $50,680

Explanation:

Cost of goods transferred to finished goods inventory.

Total Cost = Total unit Cost x Units Transferred

                 =  $4.60 x 9,300 units

                 = $42,780

Cost of the ending work-in-process inventory

Total Cost = Material Cost + Conversion Cost

                 = ($3.00 x 2,500) + ($1.60 x 2,500 x 0.10)

                 = $7,500 + $400

                 = $7,900

Total cost of the beginning work-in-process inventory plus the current manufacturing costs

This amount equals the sum of Cost of goods transferred to finished goods inventory and Cost of the ending work-in-process inventory.

Thus,

Total Cost = $42,780 + $7,900

                 = $50,680

88 because 4 plus 4 equals 8. 40 plus 40 equals 80. 80 plus 8 equals 88

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