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QUESTION 7: ABC costing (20 marks] LeodME, is training company that provides management development training courses across Australia. It offers two training packages: a two-day short course (covering leadership skills, managing change and people management) and a five-day course (covering strategic management, supply chain management and performance measurement) At the end of the financial year, LedME's management accountant reviewed the company's total costs with a view to set the prices for the coming year. Over the past 12 months the company ran 30 two-day courses, with an average of 50 participants and so five-day courses with an average of 25 participants. The total costs amounted to $943 000. Quantity of Activity Driver 80 The following activities and costs for last year: Activity Activity Cost Activity Driver Advertise Course $40 000 Number of courses Hire Presenter $600 000 Number of days Hire premises $38 000 Number of days Produce handouts $40 000 Number of participants Provide lunch $225000 Number of person days Total Costs $943 000 310 310 2750 13 000 Required: 1. Estimate the cost of the two-day course using an average cost per day' approach. Provide your answer to the nearest whole number (S marks). ed States 2. Estimate the cost of the two-day course, using activity based costing. Provide your final answer rounded to the nearest whole number (10 marks]. I 3. Which cost out of those estimated in 1) and 2) above would provide a more reliable basis for cost-plus pricing? Explain your answer [5 marks)