True or False,explain why.

1. Under the FIFO costing method, we can only include costs associated with completed units.

2.Companies that outscore the products they sell don't need to create operating budgets.

3. The FIFO costing method excludes beginning work in progress to avoid carrying costsfrom a different period.

4. There is always a correlation between direct labor hour and overhead rate.

5. A budget is efficient when a manager achieves or exceeds goals described by tje static budget.