TRUE/FALSE. Write 'T' if the statement is true and 'F' if the statement is false.3) Standard costing is a costing system that allocates overhead costs on the basis of the standard 3) overhead-cost rates times the standard quantities of the allocation bases allowed for the actual outputs produced.\f18) Ideal rate is synonymous with standard rate. 18) 19) If a company has only one product, then variable overhead could be thought of as being driven by 19) units produced. 20) If fixed overhead cost variances are always written off to Cost of Goods Sold, operating income can 20) be manipulated for either financial reporting or income tax purposes