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Process Costing Tempe Manufacturing Company makes a single product that is produced on a continuous basis...

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Accounting

Process Costing Tempe Manufacturing Company makes a singleproduct that is produced on a continuous basis in one department.All materials are added at the beginning of production. The totalcost per equivalent unit in process in March 2009 was $4.60,consisting of $3.00 for materials and $1.60 for conversion. Duringthe month, 8,700 units of product were transferred to finishedgoods inventory; on March 31, 2,000 units were in process, 10percent converted. The company uses weighted average costing.

(a) Determine the cost of goods transferred to finished goodsinventory.

40,020

(b) Determine the cost of the ending work-in-processinventory.

(c) What was the total cost of the beginning work-in-processinventory plus the current manufacturing costs?

Answer & Explanation Solved by verified expert
4.5 Ratings (751 Votes)

Total
a) Cost of Transferred Units            40,020
b Cost of Ending WIP              6,320
c) total cost            46,340
Tempe Manufacturing Company
Production Cost Report
Actual Units Equivalent Units
Material Conversion
Units Completed and Transferred 8700 8700 8700
Units in ending inventory 2000 2000 200
Total accounted for 10700 10700 8900
Cost per equivalnet unit 3.00 1.60
Total Material CC
Cost Accounted for
Units completed and transfer            40,020             26,100            13,920
Units in ending inventory              6,320               6,000                  320
   Total Cost Accounted for            46,340             32,100            14,240

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