Question: 1. What year was Activity Based Costing first introduced? Who are the founders of Activity Based Costing? 2. Using your own words, briefly discuss the

1. What year was Activity Based Costing first introduced? Who are the "founders" of Activity Based Costing?

2. Using your own words, briefly discuss the main advantages of ABC. (Why is it considered to be superior to the plantwide rate method?)

3. Again, using your own words, discuss the main disadvantages of ABC.

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