64 59 1. Explain the differences between "Traditional Methods" and "Activity Based Costing" Methods. 2. Why do you think the "Under- or Over- applied Manufacturing Overhead" cost must be adjusted? Please explain your reasoning. 3. Please explain the differences between "Job Costing" and "Process Costing". Which firms might prefer "Job Costing" and which firms might prefer "Process Costing"? 4. What are product costs? What are period costs? Please indicate the financial reports that they are reported? 64