Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false.
Estimated overhead costs are applied to work in process at the time the goods are produced.______
Overhead is applied to work in process by debiting Manufacturing Overhead and crediting Finished Goods Inventory.______
Recognizing estimated overhead is an asset exchange transaction.______
Actual overhead costs are recorded with a credit to Manufacturing Overhead.______
During a company's accounting period,manufacturing overhead is likely to be either overapplied or underapplied.______