TRUE/FALSE

61) factory rent, taxes, and insurance are included in manufacuring overhead.

62) the amount of taxes and insurance incurred and paid for the plant of a manufacturing company should be debited to the manufacuring overhead account.

63) a texile manufacturing company is most likely to use job order costing to arrive at the cost per unit od textile manufactured and sold to customers.

64) the first step in developing an activity-based costing system is to identify the activities that will be used to assign the manufacturing overhead.

65) if fixed costs go up, and all other factors remain the same, the margin of safety will be larger

66)the contribution margin for service companies is calculated by subtracting fixed costs from service revenue.

67) for a merchandising company, the budgeted sales equals the number of units budgeted for sale multiplied by the budgeted selling price per unit.

68) the IMA standards of ethical practice include confidentiality, cometence, credibility, and integrity.

69)the cost of indirect materials is transfered out of the manufacturing overhead account and acummulated in the raw materials inventory account.

70)production cost reports prepared using first-in-first-out (FIFO) method assumes that the first units started in the production process are the last units completed and sold.