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.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 93.2C

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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**:
-

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