Problem 4 (10 points total - 2 points each) Indicate whether each of the following statements is true or talse. A process cost system does not use the same inventory accounts as a job-order cost system. A process cost system accumulates product costs by jobs or batches of products. A company using a process cost system would keep a work in process account for each production department 2. 3. 4 In a process cost system, the cost of raw materials used is debited to work in process. A company using job-order costing must maintain a separate work in process account for each department. 5. Problem 5 (10 points total - 2 points each) Indicate whether each of the following statements is true or false. Applying overhead costs to a job is an asset exchange transaction. The cost of finished goods in a job-order system includes the costs of direct materials, direct labor, and manufacturing overhead. 2. When goods are completed, an entry is made to decrease the balance finished goods inventory.. When a job is completed and transferred to finished goods, the job cost sheet accompanies the job. 4 The payment of wages to production employees is recorded on the statement of cash flows as a cash flow for investing activities if the goods have not yet been sold. 5. 10