128.Indicate whether each of the following statements is true or false.The purchase of raw materials for cash is an asset use transaction.Using raw materials in a job costing system increases work in...

128.Indicate whether each of the following statements is true or false.


The purchase of raw materials for cash is an asset use transaction.
Using raw materials in a job costing system increases work in process inventory.
Wages paid to production workers are recorded as wages expense.
When a company has finished making a product, it applies estimated manufacturing overhead costs to the product.
A company might use machine hours to assign overhead costs to products if it has identified a cause-and-effect relationship between machine time and overhead costs.

129.Indicate whether each of the following statements is true or false.


Applying overhead costs to a job is an asset exchange transaction.
The cost of finished goods in a job-order system includes the costs of direct materials, direct labor, and manufacturing overhead.
When goods are completed, an entry is made to decrease the balance finished goods inventory.
When a job is completed and transferred to finished goods, the job cost sheet accompanies the job.
The payment of wages to production employees is recorded on the statement of cash flows as a cash flow for investing activities if the goods have not yet been sold.