PART B [9 marks] Explain, with supporting reasons, whether or not you agree with each of the following statements: (a) Target costing is an approach to better cope with cut throat competition and is a method of costing that sets a target price by adding a desired profit margin to actual cost'. (Production Manager) (b) "Balanced Scorecard is a new approach to measure firm's performance. It places more weight on the non-financial dimension" (Management Accountant) (c) "Because we are a high-tech Medi-clinic we have a lot of fixed costs and thus our margin of safety is small". (Chief Accountant)