Respond that the following statements are TRUE or FALSE:

1) When a manufacturing company uses standard costing system the Work-in-Process account records all transactions at standard cost amounts.

2) When a manufacturing company uses standard costing system, an unfavorable variance has the effect of being a contra expense.

3) The main difference between activity-based costing and traditional costing systems is that activity-based costing uses a separate allocation base for each activity.

4) Activity-based costing refines the cost allocation process even more than the traditional allocation costing.

5) Traditional costing provides more detailed information on costs of activities and the drivers of these costs than activity-based costing.