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5-1 CHAPTER 5 ACTIVITY-BASED COSTING AND ACTIVITY-BASED MANAGEMENT 5-1 What is broad averaging, and what consequences can it have on costs?5-2 Why should managers worry about product overcosting or undercosting? 5-3 What is costing system refinement? Describe three guidelines for refinement. 5-4 What is an activity-based approach to designing a costing system?5-5 Describe four levels of a cost hierarchy.