Respond that the following statements are TRUE or FALSE:

1) The journal entry to record indirect labor costs incurred includes a debit to Manufacturing Overhead and credit to Wages Payable.

2) Under a process costing system, direct labor costs are assigned to the Work-in-Process account of the department for which they are incurred.

3) Under process costing, depreciation on plant machinery is debited to the respective process's Work-in-Process Inventory.

4) When finished products are sold, Sales Revenue is debited and Cost of Goods Sold is credited.

5) The Work-in-Process Inventory account of a process is credited when overallocation of manufacturing overhead occurs in that process.

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