Question 1 (a) You are a junior management accountant in a wood furniture manufacturing company. Describe clearly the following costing terms to the new intern assisting the production supervisor, giving a suitable example for each term in relation to this manufacturing company. (1) Direct material (4 marks) (ii) Direct labour (4 marks) (iii) Indirect manufacturing cost (4 marks) Non-manufacturing overhead (4 marks) (iv) (b) There are several important differences that distinguish financial accounting from cost and management accounting. When considering information reporting, give ONE (1) main difference between financial accounting and cost and management accounting? Use a suitable example to explain your answer. (4 marks) A company has the following data: Sold Bought January 400 units at RM55 each February 250 units at RM60 each April 150 units at RM70 each Required: Using the periodic system, perform a stock valuation using the FIFO; LIFO; and AVCO methods. (5 marks) [Total: 25 Marks]