Mastery Problem: Lean Manufacturing and Activity Analysis Finn Corporation Finn Corporation produces inflatable rafts for recreational use. The company has heard about lean accounting, and is anxious to find cut more about the system, to determine whether it will belp streamline their operntions and cut costs. The company has hired you as a consultant to help them mplement their lean accounting program, and also to assist with recreating somie data lost in a recent computer mishap. Chart of Accounts I CHART OF ACCOUNTS Finn Corporation General Ledger ASSEIS REVENUE 110 Cash 410 Sales 112 Accounts Receivable 117 Office Supplies EXPENSES 118 Prepaid Insurance 510 Cost of Goods Sold 150 Raw and In Process Inventory 511 Conversion Costs 151 Finished Goods Inventory 521 Advertising Expense 180 Land 522 Depreciation Expense-Store Equipment 190 Equipment 530 Salaries Expense 191 Accumulated Depreciation-Equipment 531 Rent Expense 192. Store Equipment 532 Depreciation Expense-Office Equipment 193 Accumulated Depreciation-Store Equipment 533 Insurance Expense 194 Office Equipment 534 office Supplies Expense 195 Accumulated Depreciation-Office Equipment 539 Miscellaneous Expense 710 interest Expense IIABILITIES LIABILITIES 210 Accounts Payable 211 Salaries Payable 212 Unearned Rent 213 Customers Refunds Payable 215 Notes Payable 218 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends CHART OF ACCOUNTS Finn Corporation General Ledger ASSEIS REVENUE 110 Cash 410 Sales 112 Accounts Receivable 117 Office Supplies EXPENSES 118 Prepaid Insurance 510 Cost of Goods Sold 150 Materials Inventory 511 Factory Overhead 160 Work in Process Inventory 521 Advertising Expense 170 Finished Goods Inventory 522 Depreciation Expense-Store Equipment 180 Land 530 Salaries Expense 190 Equipment 531 Rent Expense 191 Accumulated Depreciation-Equipment 532 Depreciation Expense-Office Equipment 192 Store Equipment 533 Insurance Expense 193 Accumulated Depreciation-Store Equipment 534 Office Supplies Expense 194 Office Equipment 539 Miscellaneous Expense 195 Accumulated Depreciation-Office Equipment 710 Interest Expense LIABIIITIES LIABILITIES 210 Accounts Payable 211 Salaries Payable 212 Unearned Rent 213 Customers Refunds Payable 215 Notes Payable 218 Sales Tax Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Selecting Chart of Accounts The company's accounting intem is new and has confused the finn Corporation's regular chart of accounts with the proposed chart of accounts for the lean accounting syitem. Review the charts of accounts on the Chart of Accounts I and Chart of Accounts 11 , und then answer the following question. Which chart of accounts should hinn Corporabon most likely mmplement if they want to use lean accounting princigles? Finn Corporation Cost of Quality Report Quality Activity Analysis As mentioned on the Cost of Quality Report, Finn Corporation recently sutfered a deta loss, and some of its records have been lost. After reviewing the Cost of Quality Reeport. recreate the quality activity analysis in the following table from which the cost of quality report was created