Question 1 (3m) (3m) a) Briefly state the basis for setting target price b) How is target cost derived c) Explain the difficulties of using target costing in service industry d) What is meant by the term of target costing gap' and value of engineering'? (4m) (5m) Question 2 (10m) a) Briefly state the stages of a product life-cycle costing b) Explain the difference between Traditional manufacturing and Just-in-Time manufacturing. (12m)