Colby Company has a process costing system in which the weighted-average method is used. The company adds all materials at the beginning of the process in the Molding Department, which is the first of two stages of its production process. Information concerning the materials used in the Molding Department during March is as follows:

Work in process at March 1: Units = 22,000; Material costs = $11,000
Units started during March: Units = 90,000; Materials costs = $46,120
Units completed and transferred to the next department during March: Units = 97,000

What was the materials cost of the work in process inventory at March 31?
$11,220
$7,500
$5,100
$7,650

The materials cost of the Work in process (WIP) inventory at March 31 is $7,500.

Here, we are going to calculate the materials cost of the work in process inventory at March 31.

Ending work in progress = Beginning Work in progress + Units started - Units completed and transferred

Ending work in progress = $22,000 + $90,000 - $97,000

Ending work in progress = $15,000

Equivalent units = Units completed and transferred + Ending work in progress

Equivalent units = $97,000 + $15,000

Equivalent units = $112,000

Total cost = Material cost (Beginning) + Material cost during the month

Total cost = $11,000 + $46,100

Total cost = $57,100

Cost per equivalent unit = Total cost / Equivalent units

Cost per equivalent unit = $57,100 / $112,000

Cost per equivalent unit = $0.51

Materials cost of the WIP inventory = $15,000 × $0.51

Materials cost of the WIP inventory = $7,650

Therefore, the materials cost of the Work in process (WIP) inventory at March 31 is $7,500.

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$7,650

Explanation:

Ending work in progress = Beginning Work in progress + Units started - Units completed and transferred

= $22,000 + $90,000 - $97,000

= $15,000

Equivalent units = Units completed and transferred + Ending work in progress

= $97,000 + $15,000

= $112,000

Total cost = Material cost (Beginning) + Material cost during the month

= $11,000 + $46,100

= $57,100

Cost per equivalent unit = $57,100 ÷ $112,000

= $0.51

Materials cost of the work in process inventory at March 31 = Ending work in progress × Cost per equivalent unit

= $15,000 × $0.51

= $7,650

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