All of the following represent true statements regarding the financial statements for a manufacturing business except 31. a. On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead are categorized as either materials inventory, work in process inventory, or finished goods nventory b. Only the value of the inventory that is sold will appear in the income statement. c. The statement of cost of goods manufactured is an extension of the income statement for a manufacturing business. d. Period costs can be found in the balance sheet or the income statement. The entry to record jobs completed would be a. Work in Process b. Finished Goods c. Work in Process d. Factory Overhead 32. Finished Goods Work in Process Factory Overhead Work in Process 33. The entry to record the application of factory overhead would be a. Work in Process b. Finished Goods c. Work in Process d. Factory Overhead Finished Goods Work in Process Factory Overhead Work in Process The entry to record jobs shipped to customers would be a. Finished Goods b. Work in Process c. Finished Goods d. Cost of Goods Sold 34. Work in Process Finished Goods Cost of Goods Sold Finished Goods