On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead, which have entered into the manufacturing process but are associated with products that have not been finished, are reported as direct materials inventory?

False

Explanation:

On the balance sheet for a manufacturing business, the cost of direct materials, direct labor, and factory overhead, which have entered into the manufacturing process but are associated with products that have not been finished, are reported as Work in process inventory.

Work in process or work in progress (WIP), inventory are a company's partially finished goods waiting for completion.

Work in process items are either just being fabricated or waiting for further processing in a queue or a buffer storage.