Required:1. Conduct some research to explain the value of cost classifications for Mal Ltd. and howthis may assist Mr and Mrs Long in improving their decision-making processes.2. Conduct some research into costing techniques that Mal Ltd. might find useful. Basedon this research and using the detail in the case, choose a specific technique(or set of techniques) that you believe would be most suitable. Describe specificallyhow your chosen technique(s) could be used by providing tangible examples of howthey would operate within Mal Ltd. It should be clear from these examples how Malwould determine a product cost for their products. Also, briefly describe why youconsider your chosen technique(s) to be superior to other techniques.(Please note: you are not required to actually calculate any costs here, just outlinehow costing could be done differently. Therefore, you may wish to provide a table ordiagram outlining the operation of your proposed costing technique(s).3. Using the detail in the case, describe how your chosen method of calculating productcost will be beneficial within Mal Ltd. and have relevance to management.
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