1. Identify the following costs as (a) prime cost, (b) conversion cost, (c) or both for a cake factory. 1. _____ Frosting 2. _____ Wages of the baker 3. _____ Sprinkles for the topping (considered an indirect material) 4. _____ Depreciation on oven 2. Differentiate between financial and managerial accounting, addressing such issues as what reports are generated, when, and for whom