Scenario: Suppose you are a cost accountant working for a manufacturing company called XYZ Widgets Inc., which produces various types of widgets. The company is currently facing cost-related challenges that require your expertise. Below is a table containing information about the company's various cost elements and some issues they are encountering: Issues: Fluctuations in Material Prices: How can XYZ Widgets Inc. effectively manage the impact of fluctuating material prices on its production costs? What strategies can be employed to secure a stable supply chain? 2. Waste in Direct Materials: What cost reduction strategies can the company adopt to minimize waste in direct materials, and how can this be integrated into the cost accounting process? 3. Overtime Costs in Direct Labor: How should the company address high overtime costs in direct labor while maintaining employee morale and production efficiency? 4. Skill Shortages in Direct Labor: In the face of skill shortages, what measures can be taken to ensure a skilled workforce is available without significantly increasing labor costs? 5. Manufacturing Overhead Allocation Methods: What allocation methods can be used for manufacturing overhead that would provide a more accurate reflection of costs incurred and reduce the risk of under or over allocation? 6. High Advertising Costs: How can XYZ Widgets Inc. evaluate the effectiveness of its advertising spending and optimize marketing expenses to improve the return on investment? 7. ROI Concerns in Research \& Development: What strategies can be employed to address the concerns regarding low return on investment in the research and development department? 8. Resource Allocation in R\&D: How should the company allocate its resources in research and development to maximize innovation while minimizing costs? 9. Increasing Administrative Costs: What cost control measures can be implemented to address the issue of increasing administrative costs, especially in the context of rising office rent? Increasing Defect Rates in Quality Control: How can the company reduce increasing