A4 In response to intense foreign competition, Florex Company has taken steps to improve the quality of its products. A summary of its quality costs (in thousands) over the past two years is given below: Costs (in thousands) LastYear This Year Inspection $ 750 $ 900 Quality engineering $ 420 $ 570 Depreciation of test equipment $ 210 $ 240 Rework labor $ 1,050 $ 1,500 Statistical process control $0 $ 180 Cost of field servicing $ 1,200 $ 900Supplies used in testing $ 30 $ 60 Systems development $ 480 $ 750 Warranty repairs $ 3, 600 $ 1,050 Net cost of scrap $ 630 $ 1,125 Product testing $ 810 $ 1,200 Product recalls $ 2, 100 $ 750 Disposal of production defects$ 720 $ 975 Sales have been flat over the past few years, at $75,000,000 per year. Required: 1. Prepare a quality cost report for this year and last year.

QUALITY COST REPORTA quality cost report is a report that provides detailed information about the…

In response to intense foreign competition, Florex Company has taken steps to improve the quality of its products. A summary of its quality costs (in thousands) over the past two years is given below: Costs (in thousands) Last Year This Year Inspection $ 750 S 900 Quality engineering S 420 S 570 Depreciation of test equipment S 210 S 240 Rework labor $ 1,050 S 1,500 Statistical process control S 0 S 180 Cost of field servicing S 1,200 S 900 Supplies used in testing S 30 S 60 Systems development S 480 S 750 Warranty repairs S 3, 600 S 1,050 Net cost of scrap S 630 S 1, 125 Product testing S 810 S 1,200 Product recalls S 2, 100 S 750 Disposal of production defects $720 $ 975 Sales have been flat over the past few years, at $75,000,000 per year. Required: 1. Prepare a quality cost report for this year and last year.

In response to intense foreign competition, Florex Company has taken steps to improve the quality of its products. A summary of its quality costs (in thousands) over the past two years is given below: Costs (in thousands) Last Year This Year Inspection $ 750 S 900 Quality engineering S 420 S 570 Depreciation of test equipment S 210 S 240 Rework labor $ 1,050 S 1,500 Statistical process control S 0 S 180 Cost of field servicing S 1,200 S 900 Supplies used in testing S 30 S 60 Systems development S 480 S 750 Warranty repairs S 3, 600 S 1,050 Net cost of scrap S 630 S 1, 125 Product testing S 810 S 1,200 Product recalls S 2, 100 S 750 Disposal of production defects $720 $ 975 Sales have been flat over the past few years, at $75,000,000 per year. Required: 1. Prepare a quality cost report for this year and last year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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