LO3-1: When raw materials are purchased, they are recorded as an asset. True False LO3-2: The $10,000 balance in the T-account below represents overapplied manufacturing overhead for the period. 180,000 Manufacturing Overhead 4,000 (7) 30,000 80,000 40,000 36,000 190,000 10,000 180,000 Bal. True O False LO3-3: The schedule of cost of goods manufactured contains three elements of product costs-direct materials, direct labor, and manufacturing overhead-and it summarizes the portions of those costs that remain in ending Work in Process inventory and that are transferred out of Work in Process into Finished Goods. True False LO3-4: The entire difference between the actual manufacturing overhead cost for a period and the applied manufacturing overhead cost is typically closed to the Work In Process account. True False