Which of the following is/are true for the cost flow process? (check all that apply) Cost of goods sold is what leaves work in process When a company buys raw materials, the raw materials purchased will be recorded as an expense on the income statement at the time of purchase. A company doesn't need to have balances greater than $0 in all three accounts: raw materials, work in process, finished goods Work in process, raw materials, and finished goods are all under 'inventory' in the asset section on the balance sheet Question 9 3 pts Assume Tsoi Company has the following sales and production budget for a line of shoes: Assume Tsoi Company uses 3 feet of string for laces per pair of shoes. Tsoi Company wants to have direct materials on hand at the end of each month equal to 7% of the following month's production needs. How many feet of string should Tsoi Company budget in its raw material budget for February