Week 3 Assignment – Budget Summary Overview For this assignment, you will review the following scenario and prepare a written summary of your recommendations. ABC Temp Devices is a domestic and global producer of temperature monitors. Based upon the influx of domestic and global companies wanting to purchase their temperature monitors, demand has recently skyrocketed. The importance of the managerial accounting department has been brought to the forefront, as they are being asked to provide preliminary information on the new business developments. ABC’s major competitor is 123 Engineering Laboratories, located in Pullman, Washington. Imagine that you are the head of ABC’s managerial accounting department. The CEO has asked you to recommend an operating budget and financial benchmarks compared to the leading competitor in the market, as well as recommend a cost system appropriate for the product.Instructions Prepare a 2-3 page summary of your recommendations. Be sure to include suitable sources to justify the rationale for your decisions. • Recommend a budget type. • Recommend at least one financial benchmark you think the CEO of ABC should consider. Provide a rationale for your response. • Recommend a cost system appropriate for the product. • Provide an explanation of the budgeting rationale you proposed and why you believe your suggestions will put the company in a better position than the leading competitors. Remember to reference the financial benchmark, budget type, and cost system in your explanation. • Use one source to support your writing. Choose sources that are credible, relevant, and appropriate. Cite each source listed on your source slide at least one time within your assignment. For help with research, writing, and citation, access the library or review library quides.