Final answer:
The Finance department is typically responsible for developing cost information for a new product or service, due to its role in budgeting, financial analysis, and cost accounting.
Step-by-step explanation:
The functional department typically responsible for developing cost information for a new product or service is the Finance department. The Finance department's role includes budgeting, financial analysis, and cost accounting, which are essential for determining the cost of goods and services, setting prices, and forecasting profitability. They work closely with the Research and Development (R&D) department to estimate costs related to the design and development of new products or services, as well as with the Marketing department to understand the customer and market-related costs.