Assume the following information: Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 385,000 676,600 Total cost $ 301,600 $ 400,000 $ 701,600 Assume the equivalent units of production for materials and conversion are 5,200 units and 5,000 units, respectively, using the weighted-average method. If 4,780 units were completed and transferred to the next department, then what is the total cost assigned to the units completed and transferred out of the Milling Department?

Total Cost: Average Variable Cost Per Unit * Quantity of Produced Units + Total Fixed Cost + Total Fixed Cost
When someone uses the term "whole cost" in the context of finance, she may be referring to a number of different things. She may be referring to the expenses associated with operating a business, the expenses covered by a person's personal budget, or even the expenses associated with a proposal (like a stock market investment.)
Fortunately, your fundamental methodology will be the same regardless of what you're calculating the "total cost" for. Just add the fixed expenses (the minimal expenditures necessary to operate) to the variable costs (the costs that rise and fall at your discretion).
The total cost of direct materials and labour as well as the total cost of manufacturing overhead can be added together to get the total cost of the product. A business can set an appropriate sales price for the finished item with the aid of information like the cost of production per unit.

Given data :

The computation of the total cost of ending work in process is shown below:

Equivalent cost per unit

Material = $301,600 ÷ 5,200 units = $58 per unit

Conversion = $405,500 ÷ 5,000 units = $81.10 per unit

Now ending work in process is

= 400 units × $58 + 200 units × $81.10

= $23,200 + $16,220

= $39,420

Hence, the total cost of ending work in process is $39,420

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