explain in detail the steps should be followed to set up an ABC system

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