state which of the following statements are true or false 649188

State which of the following statements are True or False.

1) The storekeeper maintains store ledger.

2) Purchase requisition is issued by storekeeper.

3) Bin Card is quantitative and monetary record of materials in stores.

4) Ordering cost and carrying cost are variable in nature.

5) At the economic order quantity, order cost and carrying cost are minimum.

6) In FIFO, current prices are reflected in the cost of production.

7) ABC analysis is based on quantity of materials.

8) Wastage and scrap are one and the same.

9) Abnormal material losses are always charged to the Costing Profit and Loss Account.

10) Slow moving items have a high turnover ratio