Indicate whether the following statements are True or False:
(i) The rental of a car which includes a fixed daily rate plus an extra fee for each kilometre driven is an example of a step cost.
(ii) Assuming inflation, if a company wants to maximise net income, it would select FIFO as the method of pricing raw materials.
(iii) Overtime premium paid to all factory workers is usually considered direct labour.
(iv) Period costs are invariable and are expensed out as and when the inventory is sold.
(v) Idle facility and idle time are the same