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Loring Company had total sales of $2,400,000 for fiscal 20X1. The costs of quality-related activities...

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Accounting

Loring Company had total sales of $2,400,000 for fiscal 20X1. The costs of quality-related activities are given below.

Discounts due to defects - $100,000

Retesting - $30,000

Vendor certification - $14,000

Rework - $120,000 Marketing research - $6,000

Process acceptance - $14,000

Field testing - $16,000

Product liability - $200,000

Required: 1. Prepare a quality cost report, classifying costs by category and expressing each category as a percentage of sales. What message does the cost report provide?

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