TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false. 1) Managerial accounting applies to all forms of business organizations. 2) Managerial accounting internal reports are prepared more frequently than are classified financial statements. 3) Direct materials costs and indirect materials costs are manufacturing overhead. 4) Raw materials that can be conveniently and directly associated with a finished product are called materials overhead. 5) Period costs include selling and administrative expenses. 6) Period costs are not inventoriable costs. 7) Many companies have significantly lowered inventory levels and costs using just-in- time inventory methods. 8) Product costs are also called inventoriable costs. 9) Controlling is the process of determining whether planned goals are being met 10) Manufacturing costs that cannot be classified as direct materials or direct labor are classified as manufacturing overhead