True or False??

1. Activity Based Costing is an accurate allocation of manufacturing overhead than a single plant-wide system.
2. The first step to ABC costing is to identify each activity and estimate its total indirect cost.
3. Value Engineering includes only the financial team of a company.
4. When calculating cost-based pricing you must add desired profits.
5. Target costs are $9.00 and Full Product cost is 8.50; therefore, the company has met their target cost.