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Implementing an ABC system should proceed only if management believes the benefits of doing so will exceed the costs. The costs of an ABC system are not difficult to quantify. They include identifying the key activities, developing an information system to record and report information, collecting data for activity measures, and maintaining the system. More difficult to quantify are the benefits of adopting an ABC system. Required: Identify and discuss at least 3 qualitative benefits of adopting ABC ? Discuss whether these can be quantified and why or why not? How could management deal with uncertainty related to any potential benefits of adopting an ABC system? Part 2 - Application Question - 30 Marks Hi-Tek Manufacturing inc, makes two types of industrial component parts - the B300 and the T500. An tahonmtion motinn innome otatament for the mnot ranant period is shown below: Hi-Tek produced and sold 70,000 units of B300 at a price of $20 per unit and 17,500 units of T500 at a price of $40 per unit. The company's traditional cost system allocates manufacturing overhead to products using a plantwide overhead rate and direct labosuc dollars as the allocation base. Additional information relating to the company's two product lines is shown below: Ine company has created an activity-based costing system to evaluate the profitability of its products. HiTek's ABC implementation team concluded that $50,000 and $100,000 of the company's advertising expenses could be directly traced to B300 and T500, respectively. The remainder of the selling and administrative expenses were organization-sustaining in nature. [The ARC. tham alsn distrihu inad tha comnanv's manu ufacturinn nuprhead in fruir artivities as chown helow: 1. Compute the product margins for the B300 and T500 under the company's traditional costing system. 2. Compute the product margins for B300 and T500 under the activity-based costing system. Use the following steps: 1a. Calculate overhead rate using the traditional method. (3 Marks) 1b. Calculate product margins using the traditional method.(10 Marks) \begin{tabular}{|c|c|c|c|} \hline & B300 & T500 & Total \\ \hline \end{tabular} 2a. Calculate the activity rate for each activity using ABC. (7 Marks) \begin{tabular}{|c|c|c|c|} \hline Activity & Budgeted Cost & Driver & Rate \\ \hline \end{tabular} Part 3-15 Marks - Application Choose a company in any of the following categories: airline, florist, bookstore, bank, grocery store, restaurant, college, retail clothing shop. In this activity you will be making reasonable estimates of the types of costs and activities associated with this company; companies do not typically publish internal cost of process information. Be reasonable in your cost estimates and include your assumptions used in selecting costs. Required: 1. Describe the company selected including its products or service. 2. List 5 activities performed at this company. Choose at least one activity in the areas of production, sales, human resources, and accounting. 3. For each of the activity, list a potential cost driver for that activity and describe why this cost driver would be appropriate for the associated activity. Write a summary report of your findings