Question Three XL Ltd has just begun its operations in retailing. The company provides a wide range of products. You have just been employed as the Management Accountant of the firm and there are concerns of how to cost the per cost unit of each product. Management of the company has tasked to answer the following queries. Required a) Explain why a company such as XL Ltd would consider implementing an activity based costing system. [7 Marks] b) Describe the different steps that XL Ltd would need to undertake to develop and install a new activity based costing system. [6 Marks] c) Explain the benefits that should accrue to XL Ltd following the implementation of the new activity based costing system. [6 Marks] Total (18 Marks)