Consider the following statements about the flexible budget and the static budget for a manufacturing firm. Which of the following are likely to be true?

Both budgets will have the same total fixed manufacturing cost

Both budgets will have the same total direct material cost

Both budgets are constructed at the end of the financial period

Group of answer choices

Statement 1 only

Statement 2 only

Statement 3 only

Statement 1 and 2 only

Statement 2 and 3 only