Select the correct choice Normal method v Qualitative characteristics of cost Information 1. Firm's industry and product or service; firm's strategy and management information needs, and costs and benefits of acquiring, designing, modifying, and operating a particular system. 2. Direct materials, direct labor, and overhead Prime costs (Costo primo) v Cost driver 3. Estimated overhead amount for the year / Estimated level of cost driver for the year v Cost elements 4. Direct materials + Direct labor 5. Uses actual costs for direct materials and direct labor but normal costs for factory overhead A firm's choice of costing system depends upon the v To be competitive a firm needs accurate cost information for Predetermined OH Rate v Overhead applied v Overhead assignment methods 6. Product pricing decisions; Product profitability analysis; Customer profitability analysis; Evaluation of management performance; Refinement of strategic goals 7. Any factor that has the effect of changing the level of total cost 8. Volume-based costing, activity-based costing 9. Timeliness, Accuracy, Cost and value of information 10. Predetermined OH Rate x Actual activity