Question: XYZ Manufacturing, a company specializing in producing high-quality electronic gadgets, is keen on evaluating their cost accounting knowledge. They have identified several scenarios, and you are tasked with selecting the most appropriate cost accounting approach for each situation. Scenario 1: XYZ Manufacturing is introducing a new product line of advanced smartwatches. They want to determine the product's manufacturing cost, considering both direct materials, direct labor, and overhead costs. Which cost accounting approach is most suitable for this situation? A) Job Order Costing B) Process Costing C) Activity-Based Costing (ABC) D) Standard Costing Scenario 2: B) Process Costing The company has a significant number of indirect costs, and they want to allocate these costs to specific products based on the actual resources consumed by each product. Which cost accounting approach is best suited for allocating indirect costs in a more accurate manner