Identify whether each description most likely applies to managerial or financial accounting. 1. Information is available without the need for an audit. 2. Reporting is structured and controlled by GAAP. 3. Its information is often available only after an audit is complete. 4. Its primary users are outside of the organization. 5. Its principles and practices are relatively flexible. A company manufactures tennis balls. Classify each of the following costs as either direct materials, direct labor, or factory overhead 1. Wages paid to factory machine operators. 2. Factory insurance used up. 3. Felt covering of tennis ball. 4. Factory electricity costs. 5. Factory manager's salary. 6. Indirect materials used in making goods