Assginment1 1. Complete the following comparison table between managerial and financial accounting. Financial Accounting Managerial Accounting Primary users of reports Types of reports Frequency of reports Purpose of reports Content of reports Verification process 2. Presented below are incomplete manufacturing cost data. Determine the missing amounts for three different situations. 1 2 3 Direct Materials Used 40,000JD ??? 55,000JD Direct Labor Used 61,000JD 75,000JD ??? Factory Overhead 50,000JD 140,000jD 111,000 Total Manufacturing Costs ??? 296,000JD 310,000jp 3. Ryan Corporation incurred the following costs while manufacturing its product. Materials used in product $100,000 Advertising expense $45,000 60,000 14,000 7,500 Depreciation on plant Property taxes on store Labor costs of assembly-line workers Factory supplies used Property taxes on plant Delivery expense Sales commissions 21,000 110,000 35,000 13,000 Salaries paid to sales clerks 50,000 Instructions (a) Identify each of the above costs as direct materials, direct labor, manufacturing overhead, or period costs. (b) Explain the basic difference in accounting for product costs and period costs