True/False for questions 1-15?

1. The sum of direct labor and manufacturing averhead is known as conversion costs. 2. The sum of direct materials and direct labor is known as cost of goods manufactured. 3. If a given cost is purely variable on a total basis, and total cost at the 2,000 -unit activity level is $20,000, then cost per unit at the 4,000-unit activity level should be $5. 4. A period cost is charged to the income statement at the time it is incurred. 5. If the cost object is defined as inventory produced, then another term for "manufacturing overhead" is "indirect manufacturing cost," 6. Allocating an indirect cost to cost objects is most appropriate when an economically meaningful method for allocating the cost can be identified. 7. Controllability of costs is of greatest concern when evaluating the economic success or viability of business sub-units (e.g., retail locations). 8. Opportunity costs do not appear on income statements, and are therefore irrelevant to managerial decision-making. 9. Selling and administrative costs are irrelevant in calculating cost of goods manufactured. 10. If total manufacturing cost is $500, ending work-in-process is $70, beginning work-in-process is $90, and finished goods for the period decreased $30, then cost of goods manufactured is $490. 11. If finished goods inventory decreased during 2022, then cost of good sold exceeds cost of goods manufactured during 2022. 12. Under actual costing, a pre-determined overhead rate is calculated by dividing the estimated amount of the overhead cost by the estimated amount of the cost driver. 13. When products are finished and transferred from Work-In-Process to Finished Goods, the costs transferred include their manufacturing costs plus their packaging costs. 14. For a manufacturing firm, cost of goods manufactured for 2022 is the cost of direct materials, direct labor, and manufacturing overhead that were attached to products that were completed in 2022, regardless of whether the costs were incurred and attached to products during 2022 or during some prior year. 15. If a company produces four products, then its ABC system will have exactly four overhead cost pools