Economics · Uniform Costing

Consider the statements below regarding Uniform Costing: Statement 1: Uniform Costing is a technique where several undertakings in the same industry adopt the same costing principles to facilitate inter-firm comparison. Statement 2: Its adoption allows identification of inefficient units and helps fix prices for the industry. Statement 3: Inter-firm comparison involves exchanging cost and profit data to highlight strengths/weaknesses. Statement 4: A common difficulty is the lack of cooperation among competing firms and differences in unit sizes/locations. Statement 5: The primary objective of uniform costing is to eliminate competition and create a monopoly within the industry by standardizing prices. Statement 6: Uniform costing manuals are often developed by trade associations for standardized classification. Statement 7: For a banking professional, uniform costing data can provide benchmarks to evaluate a borrower's relative performance. Which of the following evaluations is correct?