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?

Selected Answer:

[None Given]