Toys-4-Children Ltd (T4C) manufactures and sells children's toys in Australia. The company currently faces the following core issues and challenges:

T4C aims to introduce a new product - 'Gold Fish' - and it needs to develop some preliminary cost estimates.

T4C faces increasing competition from new competitors who are importing children's toys from China and selling them at low prices in the Australian market.

T4C is struggling with decision making and control over operations in the highly competitive and innovative market environment

Question 1: Identify and critically discuss the management accounting tools and techniques you would apply to develop cost estimates for the new product.

Question 2: Identify and discuss what you think should be the salient features of T4C's business strategy to effectively deal with its competitors.