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Which of the following statements is/are true with respect to direct and indirect costs. Assume that the cost object of interest is individual units of output. 1. A cost item that involves a small $ amount is more likely to be classified as an indirect cost compared to a cost item that is more expensive (all else equal) 2. The amount of indirect cost that is assigned to a cost object is usually more accurate than the amount of direct cost that is assigned to a cost object (all else equal) 3. A cost item that is classified as an indirect cost by an organisation must remain an indirect cost throughout the life of the organisation Statement 1 only Statement 2 only Statement 3 only Statement 1 and 2 only Statement 1, 2 and 3