Problem 1: (5 points) For each of the following indicate whether the statement relates to managerial accounting (MA) or financial accounting (FA): Applies to MA or FA Statement How reports will affect employee behavior is a concern. Summary reports are prepared primarily on the company as a whole, usually on a quarterly or annual basis. Relevant information and focus on the future. Primary users include investors, creditors, and government authorities. There is no requirement to follow GAAP. Problem 2. (10 points) The following information relates to Wagner, Inc.: Advertising Costs Administrative Salaries Delivery Vehicle Depreciation Factory Repair and Maintenance Indirect Labor Indirect Materials Manufacturing Equipment Depreciation Office Rent President's Salary Sales Revenue Sales Salary $10,600 17,600 1300 200 10,500 10,000 1000 51,000 2500 530,000 4700 a. How much were Wagner's period costs? b. How much were Wagner's product costs? Problem 1: (5 points) For each of the following indicate whether the statement relates to managerial accounting (MA) or financial accounting (FA): Applies to MA or FA Statement How reports will affect employee behavior is la concern. Summary reports are prepared primarily on the company as a whole, usually on a quarterly or annual basis. Relevant information and focus on the future. Primary users include investors, creditors, and government authorities. There is no requirement to follow GAAP. Problem 2. (10 points) The following information relates to Wagner, Inc.: Advertising Costs Administrative Salaries Delivery Vehicle Depreciation Factory Repair and Maintenance Indirect Labor Indirect Materials Manufacturing Equipment Depreciation Office Rent President's Salary Sales Revenue Sales Salary $10,600 17,600 1300 200 10,500 10,000 1000 51,000 2500 530,000 4700 a. How much were Wagner's period costs? b. How much were Wagner's product costs