Question 1: A student planning a career in business management wondered why it was important to leam cost and management accounting. How would you respond? Give some examples to support your point of view. Question 1: A company reapportions the costs incurred by two service departments ( S and S2 ) to other two production departments (P1 and P2). The following are the overhead costs which have been allocated and apportioned to the four departments: Estimates of the benefits received by each cost department are as follows: Page 1 of 2 Required: 1. a. Prepare a schedule allocating the service department costs to the production departments using the direct allocation method. b. Prepare a schedule allocating the service department costs to the production departments using the sequential allocation method. 2. Explain the differences between service and production departments. Give three examples for each