Indicate Whether Each of the Following Statements Is True or False

Short Answer

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 costing system includes the costs of direct materials,direct labor,and manufacturing overhead.______
When goods are completed,an entry is made to decrease the balance of the 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.______