Discuss the following differences between: (a). Financial accounting and managerial accounting as to (1) primary users of reports and (2) types and frequency of reports. (b) Inventories for a merchandising company and a manufacturing company.
ESSAY: 2-0 Discuss the source documents used in assigning materials and labor costs in a job order costing system. Present the journal entry that results from each document. ESSAY: 2-1 At Louis Company, overhead is assigned to a production department at the rate of $9 per machine hour. If assigning overhead is to estimate overhead, why is overhead estimated rather actualy overhead directly charged? Discuss thoroughly.