Answer the following statement(s) true (T) or false (F)

1. Duty is assigned to products only based on the country where the manufacturing is done.
2. A gross margin after markdowns around 50% is considered respectable.
3. Floor-ready product specs include the costs of hangers and hangtags in the cost of goods.
4. The profit and loss statement always contains the same basic components.
5. When a production facility uses the direct costing method, all of the operating expenses are added up and added to the price as a fixed amount. Their only variable costs are the materials and direct labor.

1. False
2. True
3. True
4. True
5. True