Respond that the following statements are TRUE or FALSE:

1) In a process costing system, costs can be controlled with the aid of a production cost report.

2) In most organizations, managers are often rewarded based on how well they meet the budget.

3) A production cost report cannot be used for the pricing of products as it depicts only the ways to control product costs.

4) A production cost report can help managers in identifying the most profitable products.

5) Under a process costing system, a production cost report helps managers in decision making.