What benefits and drawbacks are there for a business that uses a Standard/Traditional Costing model? What benefits and drawback are there for a business that uses an Activity Based Costing (ABC) model?

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What benefits and drawbacks are there for a business that uses a Standard/Traditional Costing model?

What benefits and drawback are there for a business that uses an Activity Based Costing (ABC) model?

If you owned a small manufacturing business with relatively high volume and multiple product lines, would you implement an ABC model?  Why?