Meet Mike. Mike runs a men's clothing line. Mike needs to buy 24,000 shirts per year to fulfil demand (D). He incurs a setup cost of R200 and a holding fee of R32 per shirt. He needs to know his EOQ. Based on the information provided above, the EOQ is 920 units. Select one: True False Managerial accounting focuses on reports based on Generally Accepted Accounting Principles (GAAP). Select one: True False Factory overhead covers all expenses incurred during the manufacturing process other than direct labour and direct materials. Examples include the salaries of people who are involved in producing inventory but not actually making the products, such as production supervisors. Select one: True False Financial accounting prepares reports for people directly involved in day-to-day operations Select one: True False FIFO can be inaccurate when the cost to make the product increases significantly. Select one: True False