Exercise 4-16 Lasso and Markowitz is a law firm that is initiating an activity-based costing system. Sam Lasso, the senior partner and strong supporter of ABC, has prepared the following list of activities performed by a typical attorney in a day at the firm. Classify each of the activities listed by Sam Lasso as value-added or non- value-added. 0.49 1.01 Activities Hours Writing contracts and letters 1.42 Attending staff meetings Taking depositions 0.95 Doing research Traveling to/from court 0.91 Contemplating legal strategy Eating lunch Litigating a case in court 2.41 Entertaining a prospective client 1.58 1.05 1.01 How much was value-added time? (Round answer to 2 decimal places, e.g. 2.13.) Value-added time hours How much was non-value-added time? (Round answer to 2 decimal places, e.g. 2.13.) Non-value-added hours