5-3 Explain why a costing system that uses a volume-based rate is likely to produce distorted product costs.  5-4 What is activity-based costing, and how can it improve an organization’s costing...

5-3 Explain why a costing system that uses a volume-based rate is likely to produce distorted product costs.

 5-4 What is activity-based costing, and how can it improve an organization’s costing system?

5-5 Identify the general levels of cost hierarchy in activity-based costing systems.