XYZ Ltd. uses activity-based costing (ABC) to allocate overhead costs. The company identified three cost pools: machine-related costs, setup costs, and inspection costs. If the total overhead costs for the year were $450,000, and the activity drivers and rates were as follows: 30,000 machine hours at $15 per hour, 900 setups at $1,300 per setup, and 4,000 inspections at $180 per inspection, calculate the overhead cost allocated to a product requiring 5,000 machine hours, 40 setups, and 350 inspections. Discuss the advantages of ABC over traditional costing methods in providing more accurate product cost information for decision-making purposes.