Indicate whether each of the following statements is true or false. Purchase of raw materials on account is an asset exchange transaction. (Click to select) Placing raw materials into production is an asset use transaction (Click to select) When raw materials are placed into production total assets are not affected. (Click to select) When raw materials are placed into production, the balance in the Work in Process Inventory account increases (Click to select) Purchasing manufacturing supplies for cash is an asset use transaction (Click to select)