of value-Added and non-value-Added Costs, Activity volume and onosed Capacity variance Rico Company produces custom-made machine parts. Rico recently has implemented an activity-based management (ABM) system with the objective of reducing costs. Rico has begun analyzing each activity to determine ways to increase its efficiency. Setting up equipment was among the first group of activities to be carefully studied. The study revealed that setup hours was a good driver for the activity. During the last year, the company incurred fixed setup costs of $637,560 (sala of 14 employees). The fixed costs provide a capacity of 28,980 hours (2,070 per employee at practical capacity). The setup activity was viewed as necessary, and the value-added standard was set at 2,070 hours. Actual setup hours used in the recent period were 27,280. Required: 1. Calculate the volume and unused capacity variances for the setup activity. Enter all amounts as positive values. Volume Variance Unused Capacity Variance 2. Prepare a report that presents value-added, non-value-added, and actual costs for setup. Rico Company Value- and Non-Value-Added Cost Report Value-Added Non-Value-Added Actual

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Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.