Book Co. uses the activity-based costing approach for cost allocation and product costing purposes. Printing, cutting, and binding functions make up the manufacturing process. Machinery and equipment are arranged in operating cells that produce a complete product starting with raw materials. Which of the following are characteristic of Book's activity-based costing approach? Cost drivers are used as a basis for cost allocation. Costs are accumulated by department or function for the purposes of product costing. Activities that do not add value to the product are identified and reduced to the extent possible. o . O i only. O i and iii. Tandil O ji and