Which of the following statements regarding work-in-process (WIP) inventory is FALSE?
1. Actual "run" time is usually a significant portion of the material flow time.
2. WIP exists because of flow time.
3. During most of the time a product is "being made," it is in fact sitting idle.
4. Reducing flow time reduces WIP inventory.
5. WIP inventory describes products or components that are no longer raw materials but have yet to become finished products.
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