Answer ALL questions in this assignment. QUESTION 1 [100 MARKS] (20 Marks) Nowadays fixed costs play a significant role in costing a product and it has become important to allocate these costs using a proper method. The need to overcome the shortcomings of traditional costing systems led to the emergence of the activity-based costing or ABC as it is called in short, In view of the above, explain in detail the steps that should be followed to set up an ABC system. QUESTION 2 (20 Marks) 2.1 REQUIRED Complete the table below for the transactions provided using the following methods of inventory valuation: 2.1.1 Weighted average cost (7 marks) 2.1.2 FIFO (6 marks) Purchases Balance Issues/Returns to supplier Quantity Price Amount Date Quantity Price Amount Quantity Price Amount INFORMATION The following information was extracted from the records of Universal Limited, a manufacturing company, for an inventory item called Lax used in Project K for March 2019: March Transaction details 01 Opening inventory: 2 000 units @ R10 each. 07 Invoice received for 48 000 units @ R11 each. 09 Transferred 35 000 units to the production department. 10 Returned 5 000 damaged units (purchased 07 March) to the supplier. 16 Invoice received for 10 000 units at R12 each. 22 Transferred 15 000 units to production, 30 Invoice received for 5 000 units @ R13 each