Explain the Benefits & Drawbacks for using a Standard/Traditional Costing Model
In about 350 words/1 page… answer the following questions in detail: What benefits and drawbacks are there for a business that uses a Standard/Traditional Costing model? What benefits and drawback are there for a business that uses an Activity Based Costing (ABC) model? If you owned a small manufacturing business with relatively high volume and multiple product lines, would you implement an ABC model? Why? As you get ready to reflect on these questions, don’t forget that the best answers are attempts to apply the concept to a small business and explore how a standard/traditional costing or activity-based costing system would/could be used. What are the benefits and the risks – or how could you adapt it to get the best of both? PLEASE USE IN-TEXT CITATIONS FROM CREDIBLE ONLINE SOURCES. SO0URCES MUST BE ACCOUNTING FIRMS, FORBES.COM, BUSINESSWEEKLY, OR ANY UNIVERSITY IN THE U.S. Please be sure to also provide the link in the reference section as the link has to be shared with others as to where the information provided came from.