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Please provide answer as same format in question. Thanks.

Please provide answer as same format in question. Thanks.

FINANCIAL ACCOUNTING
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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Cost Report, Value-Added and Non-Value-Added Costs Sanford, Inc., has developed value-added standards for four activities: purchasing parts, receiving parts, moving parts, and setting up equipment. The activities, the activity drivers, the standard and actual quantities, and the price standards for 20x1 are as follows: Purchasing parts Activity Driver Purchase orders Receiving orders Receiving parts Moving parts Number of moves Setting up equipment Setup hours The actual prices paid per unit of each activity driver were equal to the standard prices. Required: Activities 1. Prepare a cost report that lists the value-added, non-value-added, and actual costs for each activity. If an amount is zero, enter "0". Sanford, Inc. Value- and Non-Value-Added Cost Report For the Year Ended December 31, 20x1 Purchasing parts Receiving parts Moving parts Setting up equipment Total SQ AQ SP 3,800 4,870 $370 7,600 9,700 200 2,800 170 0 0 6,600 310 Value-Added Non-Value-Added Actual 2. Which activities are non-value-added?
Transcribed Image Text:Cost Report, Value-Added and Non-Value-Added Costs Sanford, Inc., has developed value-added standards for four activities: purchasing parts, receiving parts, moving parts, and setting up equipment. The activities, the activity drivers, the standard and actual quantities, and the price standards for 20x1 are as follows: Purchasing parts Activity Driver Purchase orders Receiving orders Receiving parts Moving parts Number of moves Setting up equipment Setup hours The actual prices paid per unit of each activity driver were equal to the standard prices. Required: Activities 1. Prepare a cost report that lists the value-added, non-value-added, and actual costs for each activity. If an amount is zero, enter "0". Sanford, Inc. Value- and Non-Value-Added Cost Report For the Year Ended December 31, 20x1 Purchasing parts Receiving parts Moving parts Setting up equipment Total SQ AQ SP 3,800 4,870 $370 7,600 9,700 200 2,800 170 0 0 6,600 310 Value-Added Non-Value-Added Actual 2. Which activities are non-value-added?
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