Consider the following statements about budgeting and a product's life cycle:

I. Budgets should focus on costs that are incurred only after a product has been introduced to the marketplace.

II. Life-cycle costs would include those related to product planning, preliminary design, detailed design and testing, production, and distribution and customer service.

III. When a life cycle is short, companies must make certain that before a commitment is made to a product, the product's life-cycle costs are covered.

Which of the above statements is (are) true?

	I only.
	II only.
	I and II.
	II and III.
	I, II, and III.