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This price is thought to be competitive with a similar GPS on the market that has comparable features to the new system. Manage ment have agreed that the acceptable margin will be as stated above. Cost information for the new GPS systemis as follow? Fixedproduction overheads are absorbed on an assembly hour bassis on normal annual activity levels Assemby hours worked by staff in one year 250,000 hours INB. You will need to use Hieh Low method to separate the production over heads into fixed and variable costs in order to determine a variable rate and a fixed rate. Required (a) Calculate the expected cost per unit of the GPS system and identify any cost gaps. 13 marks (b) Sate two ways that this company can used to eliminate an existang cost gap 2 marks (c) The product is expeeted to have a life cycle of five years bated on the speed at which technology is chanang Identify the five stages of life crele conting and agy one example of the troe of coits that could fall in each of thore five stares. 10 marks