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weeeeeb [17]
3 years ago
7

Your company has sales of $ 93,600 this year and cost of goods sold of $ 64,700. You forecast sales to increase to $ 117, 400 ne

xt year. Using the percent of salesâ method, forecast nextâ year's cost of goods sold.
Business
1 answer:
Gre4nikov [31]3 years ago
3 0

Answer:

COGS= $81,146.88

Explanation:

Giving the following information:

Your company has sales of $93,600 this year and the cost of goods sold of $64,700. You forecast sales to increase to $ 117, 400 next year.

First, we need to calculate the percentual participation of cost of goods sold:

%COGS= 64,700/93,600= 0.6912= 69.12%

<u>Now, using the same percentage, we calculate the cost of goods sold for the estimated new sales:</u>

COGS= 117,400*0.6912= $81,146.88

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Hi-Test Company uses the weighted-average method of process costing to assign production costs to its products. Information for
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Answer and Explanation:

The computation of given question is shown below:-

                                     <u> Hi-Test Company</u>

                            <u>Weighted-average method</u>

                                                              <u>Equivalent units</u>

<u>Particulars                            Physical units  Material  Conversion costs</u>

Units to be accounted for

Beginning work-in-progress    2,000

Production started                    28,000

Total units                                  30,000

Units accounted for:

1. Completed and transferred

out                                             23,000        23,000        23,000

                                                                 (23,000 × 100%)

Ending work-in-progress          7,000          7,000           2,800

                                                               (7,000 × 100%) (7,000 × 40%)

2. Total units                             30,000         30,000       25,800

                                           <u>Materials   Conversion costs  Total costs</u>

<u>Costs to account for:</u>

Beginning work in

progress                              $45,000        $56,320               $101,320

                                                  ($25,600 + $30,720)

Costs added during

period                                  $375,000      $341,000            $716,000

Total costs                           $420,000     $397,320            $817,320

÷

Total equivalent unit

of production                         $30,000      $25,800

3. Cost per equivalent unit   $14.00         $15.40

Cost accounted for

4. Completed and transferred

out                                         $322,000     $354,200         $676,200

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7. Ending work in progress   $98,000        $43,120            $141,120

                                    (30,000 × $14.00) (25,800 × $15.40)

Total cost                                $420,000     $397,320         $817,320

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