1. For each item listed below, indicate in the space to the left whether the item would be considered a product cost or a period cost for a manufacturing company. Use the following code: Pr Product cost Period cost Pe 1. Factory supervisory salaries 2. Sales commissions 3. Income tax expense 4. Indirect materials used 5. Indirect labor 6. Office salaries expense 7. Property taxes on factory building Sales manager's salary 8. 9. Factory wages expense Direct materials used 10. 2. Financial and managerial accounting are both concerned with the economic events of an enterprise. Similarities between financial and managerial accounting do exist, but they do have a different focus. Briefly distinguish between financial and managerial accounting as they relate to (1) the primary users, (2) the type and frequency of reports, (3) the purpose of reports, and (4) the content of reports