T ran sfer p ricing is an impo rtan t p rob lem in m anagerial econom ic analysis. W hen the decen t ralized division s of a company t ran sfer p roduct s to each o ther, a t ran sfer p rice is u sed to charge fo r the p roduct s. Since t ran sfer p rices can affect the goals fo r bo th division s, set t ing these p rices is a sen sit ive m at ter fo r division m anagers. The ob ject ive of t ran sfer p ricing is to encou rage each division m anager to t ran sfer goods betw een division s if overall company incom e increased by do ing so. In th is paper, w e discu ss system at ically the determ in ing m ethod of t ran sfer p ricing of in term ediate p roduct w ithou t ex ternal m arket s. W e discu ss the t ran sfer p ricing p rob lem under the condit ion s that the m arket dem and funct ion of f inal p roduct and the p roduct ion co st funct ion of each in term ediate p roduct are know n and unknow n respect ively. Th reem ethods of theo ret ical value are p resen ted here. Fo r each of the th ree m ethod, w e give the specif ic compu t ing fo rm u las of p ract ical value.