Jim, a project manager for a manufacturing company, is responsible for getting bids for two sophisticated pieces of equipment that will be installed on the factory floor. he has distributed the detailed specifications to a number of vendors, and is waiting for the bid responses. when analyzing the vendor's bids, jim can do all of the following to determine if the vendor's bid prices appear to be reasonable except:a. compare the bids and assume that the lowest responsible offer is fair. b. review industry publications to determine if the prices are in line with industry standards. c. select one of the lower-priced vendors with a good reputation and negotiate with them for the best price. d. implement activity-based costing.