Question 1 (25 marks) Management accounting is important for manufacturing company as it helps the company to stay competitive in the market. There are many types of cost incurred for every production of good. a) Please provide types of product costs that always appear in the balance sheet item of the manufacturing companies and explain each of its purposes. (6 marks) b) Why do we need to differentiate between all types of costs in a manufacturing company? Please explain your answer. (9 marks) c) In a garment business, the manager, Mr. Shan needs to decide which machine is the best for him to invest for the production floor. There are a few quotations received for him to decide. He needs to decide based on alternatives that have costs and benefits to be compared with. How does Mr. Shan make a business decision based on the alternatives available in the company? Please advise him. (10 marks) Question 1 (25 marks) Management accounting is important for manufacturing company as it helps the company to stay competitive in the market. There are many types of cost incurred for every production of good. a) Please provide types of product costs that always appear in the balance sheet item of the manufacturing companies and explain each of its purposes. (6 marks) b) Why do we need to differentiate between all types of costs in a manufacturing company? Please explain your answer. (9 marks) c) In a garment business, the manager, Mr. Shan needs to decide which machine is the best for him to invest for the production floor. There are a few quotations received for him to decide. He needs to decide based on alternatives that have costs and benefits to be compared with. How does Mr. Shan make a business decision based on the alternatives available in the company? Please advise him. (10 marks)