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Scenario Many companies recognize that their cost systems are inadequate for today's powerful global competition. Managers in companies selling multiple products are making important product decisions based on distorted cost information, as most cost systems designed in the past focused on inventory valuation. In order to elevate the level of management information, it has been suggested that companies should have as many as three cost systems for (1) Inventory valuation; (2) management control of operations; (3) an activity-based costing system for decision making. Questions: A. Discuss why the traditional cost system, developed to value inventory, distorts product cost information