Indicate whether the following statements are ‘true’ or ‘false’.

(i) Standard costs are the measures of acceptable cost performance.

(ii) Standards should be tight to be an effective tool of cost control

(iii) Standards are used for planning and coordination purposes.

(iv) Standards should be current and attainable with reasonable efforts.

(v) Standard material price is based only on the cost price at which materials can be procured by the purchase manager.

(vi) Material quantity standard should also provide for normal loss of materials in the production process.

(vii) Labour time standards are generally set on the basis of motion and time studies.

(viii) Standard fixed overhead rate is based on budgeted output.

(ix) Overhead standards are set like material and labour standards.

(x) Standard direct labour cost is summation of labour rate standard and labour time standard.