Question 1 3 pts Variable costing is used for external reporting purposes, and absorption costing is used for internal decision-making purposes. True False Question 2 3 pts To develop the cost of goods sold budget, it is necessary to start by calculating the projected cost to produce each unit. True False Question 2 3 pts To develop the cost of goods sold budget, it is necessary to start by calculating the projected cost to produce each unit. True False The production budget determines the number of units to be produced during the period. True False Question 4 3 pts Budgeting requires managers to develop overall business goals and budget for specific actions to achieve the goals. True False Question 5 3 pts Variable costing can also be used in service companies, especially in making short- term decisions. True False 3 pts Question 5 Variable costing can also be used in service companies, especially in making short- term decisions. True False