Your team's assignment Elizabeth and Alicia are asking several firms to provide a proposal recommending what type of costing approach will help them determine more accurate cost information for Piece of Cake Pies' pricing and product decisions. Your firm has been invited to provide a proposal. In no more than 1,000 words, write an summary addressing the following questions (charts and tables with numerical values and calculations will not be included in the word count): 1. What information does Piece of Cake Pies need? Before recommending a cost system, it is helpful to understand a company's information needs. Based on case information, discuss the types of cost information Piece of Cake Pies' product costing system should be able to provide. 2. Of the expenses listed in Table 1, determine which should be treated as product costs and which should be treated as period costs for management decision making? 3. For each product cost you identified, how would you track the cost? For example, would you track it by individual job, batch, production step, activity, general factory overhead, etc.? Separate raw materials into main ingredients and flavor additives. Also, separate bakery labor into four categories: production line (includes mixing, filling and baking), packaging, sanitation and warehouse. Page 3