Life cycle costing; manufacturer LO 16.4 EESS: * The company uses a JIT system, which means that inventories are minimal and all manufacturing costs flow directly to cost of goods sold. In addition to these manufacturing costs, Willox is able to isolate the following costs associated with the EESS: Required 1. Assess the profitability of the EESS in years 1,2 and 3, including only the manufacturing costs. 2. Assess the profitability of the EESS based on its life cycle costs. 3. Given this information, what action should Iacopetta take when considering future products? 4. Discuss the advantages and disadvantages of developing life cycle budgets for proposed new products. 5. What other performance measures might the company introduce to manage its new product development more effectively