(a) Speed Sdn Bhd manufactures electrical instruments. The company estimates that one of its products planned to be manufactured in year 2021 (i.e. EX21) will sell for about RM500. This estimate takes account of the introduction of similar product by competitors. Suppose the company wants to make a profit of 20% on selling price for each unit sold. prince Required: 6 What is the target cost, target profit and target price of EX2 1? (4 marks) (ii) Suppose the engineer and the management accountant of Speed Sdn Bhd conclude that the design of EX21 will result in costs of RM460 per unt. How the concept of target costing helps to achieve the objective? (3 marks) (b) What is business process re-engineering? How does it differ from process improvement? (5 marks) (c) What is product life cycle? Explain why is this concept important as opposed to conventional way for managing product costs? (8 marks)