I understand the cost classification, but not the total amount and percent of total. Thanks! The task is to calculate the amount and percentage of total quality costs for each category. Do not round intermediate calculations. Round monetary values to the nearest cent and percentage values to two decimal places.### Quality Cost Categories**1. Prevention** - **Total Amount**: $ - **Percentage of Total Quality Cost**: %**2. Appraisal** - **Total Amount**: $ - **Percentage of Total Quality Cost**: %**3. Internal Failure** - **Total Amount**: $ - **Percentage of Total Quality Cost**: %**4. External Failure** - **Total Amount**: $ - **Percentage of Total Quality Cost**: % Each category requires the total amount spent and its percentage of the total quality cost to be calculated and filled in the respective sections. **Cost-of-Quality Data for Installment Loans at Kenney Bank**The following cost-of-quality data were collected at the installment loan department of Kenney Bank. The goal is to classify these data into the appropriate cost-of-quality categories.### Quality Cost#### Loan Processing1. **Run credit checks**: - Amount: $2,506.41 - Cost Classification: [Selectable options: Appraisal, External failure, Internal failure, Prevention]2. **Review documents**: - Amount: $3,973.49 - Cost Classification: [Selectable options]3. **Make document corrections; gather additional information**: - Amount: $1,012.70 - Cost Classification: [Selectable options]4. **Prepare tickler file; review and follow up on titles, insurance, second meetings**: - Amount: $137.50 - Cost Classification: [Selectable options]5. **Review all output**: - Amount: $2,184.30 - Cost Classification: [Selectable options]6. **Correct rejects and incorrect output**: - Amount: $420.60 - Cost Classification: [Selectable options]7. **Reconcile incomplete collateral report**: - Amount: $78.52 - Cost Classification: [Selectable options]8. **Handle dealer problem calls; address associate problems; research and communicate information**: - Amount: $2,020.00 - Cost Classification: [Selectable options]9. **Compensate for system downtime**: - Amount: $514.31 - Cost Classification: [Selectable options]10. **Conduct training**: - Amount: $1,280.00 - Cost Classification: [Selectable options]#### Loan Payment1. **Receive, inspect, and process payments**: - Amount: $840.00 - Cost Classification: [Selectable options]2. **Respond to inquiries when no coupon is presented with payments**: - Amount: $855.90 - Cost Classification: [Selectable options]#### Loan Payoff1. **Receive, inspect, and process payoff and release documents**: - Amount: $243.92 - Cost Classification: [Selectable options]2. **Research payoff problems**: -

The cost of quality refers to the cost which is incurred in improving the quality of the product or…

Answered: Calculate the amount and the percent of…

Calculate the amount and the percent of total. Do not round intermediate calculations. Round the monetary values to the nearest cent and percentage values to two decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Which of the following is not a true statement about variable costs? O a. Total cost is known to…

A: Variable Cost Variable cost which is described as the cost which are incurred to the business entity…

Q: “It is not important for a company to distinguish between cost incurrence and locked-in costs.” Do…

A: Cost incurrence: The cost that has been incurred after consumption of a particular resource to meet…

Q: In applying the high-low method of cost estimation to mixed costs, how is the total fixed cost…

A: Mixed cost also called the semi variable cost . Mixed cost contains both fixed and variable cost .…

Q: What are the formulas for: 1. Contribution Cost 2. Break even cost

A: Cost refers to the expense that is incurred for making the goods or providing services by the…

Q: Define incremental cost, opportunity cost, and sunk cost. How do these costs impact decision-making?…

A: Incremental Cost: Incremental cost is the additional cost incurred to produce one additional…

Q: What are the challenges of using the incremental cost allocation method when allocating common costs…

A: Cost Allocation Method: The cost allocation method is the method by which the costs to be assigned…

Q: Question 1: Differentiate between standard cost and estimated cost.

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: Define and discuss the difference between indirect and direct cost. Provide an example of each.

A: Direct costs are expenses for manufacturing and selling products. Direct costs include the cost of…

Q: Why is it important to keep track of both direct and indirect costs? How do these costs effect…

A: (a )If we keep a tracking record of direct and indirect costs we can determine the firm's…

Q: Please specify and explain the average cost answers.

A: Average cost method assign the cost to inventory item on based on total cost of inventory dividend…

Q: For the given cost function C(x) = 28900 + 500x + x², First, find the average cost function. Use it…

A: Average cost function = C(x) / x = (28900+500x+x2)/x

Q: What type of cost is expertise? Is it a fixed cost or a variable cost? Defend your answer.

A: SOLUTION- FIXED COST ARE THOSE COST WHICH DO NOT CHANGE WITH A REASONABLE LEVEL OF CHANGE .…

Q: Please explain what is meant by the contribution margin. Also, please provide an example of how the…

A: contribution margin is sales price minus variable cost is called contribution margin, contribution…

Question

I understand the cost classification, but not the total amount and percent of total. Thanks!

The task is to calculate the amount and percentage of total quality costs for each category. Do not round intermediate calculations. Round monetary values to the nearest cent and percentage values to two decimal places.

### Quality Cost Categories

**1. Prevention**
- **Total Amount**: $
- **Percentage of Total Quality Cost**: %

**2. Appraisal**
- **Total Amount**: $
- **Percentage of Total Quality Cost**: %

**3. Internal Failure**
- **Total Amount**: $
- **Percentage of Total Quality Cost**: %

**4. External Failure**
- **Total Amount**: $
- **Percentage of Total Quality Cost**: %

Each category requires the total amount spent and its percentage of the total quality cost to be calculated and filled in the respective sections.

**Cost-of-Quality Data for Installment Loans at Kenney Bank**

The following cost-of-quality data were collected at the installment loan department of Kenney Bank. The goal is to classify these data into the appropriate cost-of-quality categories.

### Quality Cost

#### Loan Processing
1. **Run credit checks**:
- Amount: $2,506.41
- Cost Classification: [Selectable options: Appraisal, External failure, Internal failure, Prevention]

2. **Review documents**:
- Amount: $3,973.49
- Cost Classification: [Selectable options]

3. **Make document corrections; gather additional information**:
- Amount: $1,012.70
- Cost Classification: [Selectable options]

4. **Prepare tickler file; review and follow up on titles, insurance, second meetings**:
- Amount: $137.50
- Cost Classification: [Selectable options]

5. **Review all output**:
- Amount: $2,184.30
- Cost Classification: [Selectable options]

6. **Correct rejects and incorrect output**:
- Amount: $420.60
- Cost Classification: [Selectable options]

7. **Reconcile incomplete collateral report**:
- Amount: $78.52
- Cost Classification: [Selectable options]

8. **Handle dealer problem calls; address associate problems; research and communicate information**:
- Amount: $2,020.00
- Cost Classification: [Selectable options]

9. **Compensate for system downtime**:
- Amount: $514.31
- Cost Classification: [Selectable options]

10. **Conduct training**:
- Amount: $1,280.00
- Cost Classification: [Selectable options]

#### Loan Payment
1. **Receive, inspect, and process payments**:
- Amount: $840.00
- Cost Classification: [Selectable options]

2. **Respond to inquiries when no coupon is presented with payments**:
- Amount: $855.90
- Cost Classification: [Selectable options]

#### Loan Payoff
1. **Receive, inspect, and process payoff and release documents**:
- Amount: $243.92
- Cost Classification: [Selectable options]

2. **Research payoff problems**:
-

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Hi,how to use the excel function (IRR and Effect) to determine which money lender offers a better rate: 1. Ah Long Finance: Loan amount: $20,000; instalment $600 per month x 36 months 2. Sharky Finance: Loan amount: $30,000; instalment $555 per month x 60 months 3. Ah Beng Finance: Loan amount: 40,000; instalment $ 760 per month x 59 months 4. Barracuda Finance: Loan amount: $50,000; instalment $925 per month x 60 monthsThanks.
Which of the following is TRUE about Credit Score / FICO Score: Group of answer choices the lower the number, the better chances to obtain credit at a very low cost randomly assigned number; Experian, Equifax, and TransUnion use to monitor Covid-19 tracing typically between 1 and 10; calculated from the highest value assigned by the government typically between 300 and 850; calculated from your credit report to gauge your reliability as a borrower
Calculation need to be done in "Excel format"
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Finance Amount Number of Monthly Payment Payments Made Rebate Loan Charge Rebate Financed Payments Fraction Payoff $4,700 36 $165.33 33
Need help
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) AmountFinanced Number ofPayments MonthlyPayment PaymentsMade RebateFraction FinanceChargeRebate LoanPayoff $1,700 18 $123.89 12
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Amount Financed Number of Payments Monthly Payments Rebate Payment Made Fraction Finance Charge Rebate $4,700 36 $167.33 29 15/666 X $ 85.76 Loan Payoff x $785 89
You are the loan department supervisor for a bank. This installment loan is being paid off early, and it is your task to calculate the rebate fraction, the finance charge rebate (in $), and the payoff for the loan (in $). (Round dollars to the nearest cent.) Amount Financed Number of Monthly Payments Rebate Payments Payment Made Fraction Finance Charge Rebate $4,700 36 $167.33 29 15/666 X $85.76 Loan Payoff X $ 785.89 X
1) Use the Loan worksheet to complete the loan amortization table.  In cell F2, insert the IPMT function to calculate the interest for the first payment. Copy the function to the range F3:F25. (The results will update after you complete the other functions and formulas.) 2) In cell G2, insert the PPMT function to calculate the principal paid for the first payment. Copy the function to the range G3:G25. 3) In cell H2, insert a formula to calculate the ending principal balance. Copy the formula to the range H3:H25. 4) Now you want to determine how much interest was paid during the first two years.  In cell B10, insert the CUMIPMT function to calculate the cumulative interest after the first two years. Make sure the result is positive. 5) In cell B11, insert the CUMPRINC function to calculate the cumulative principal paid at the end of the first two years. Make sure the result is positive. 6) You want to perform a what-if analysis to determine the rate if the monthly payment is…
A borrower has two alternatives for a loan: (1) issue a $630,000, 75-day, 6% note or (2) issue a $630,000, 75-day note that the creditor discounts at 6%. Assume a 360-day year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. X Open spreadsheet a. Compute the amount of the interest expense for each option. Round your answer to the nearest dollar. for each alternative. b. Determine the proceeds received by the borrower in each situation. Round your answers to the nearest dollar. < (1) $630,000, 75-day, 6% interest-bearing note: $ (2) $630,000, 75-day note discounted at 6%: $ c. Alternative is more favorable to the borrower because the borrower
Loan Servicing Companies.. O Collects monthly payments, remits to investor O Purchase loans on the secondary market O Decide on credit criteria for new loans O Underwrite home loans
With loans, spreadsheets make it easy to _____. (can be more than 1 of the options listed below) a. Calculate the amortization schedule b. Determine the number of remaining loan payments c. Find the loan balance due at any time d. Demonstrate the split between the principal and interest amounts.