Indicate which of the following statements is most correct by placing the number in the marked square ->

1. Cost-Volume-Profit analysis is only useful for company managers and strategic planning

2. Cost-Volume-Profit provides more detailed information when used at the product rather than company level of analysis

3. Cost-Volume-Profit analysis is useful for understanding the possible ranges of selling price given other constraints or assumptions

4. As Cost-Volume-Profit analysis takes account of both variable and fixed costs, it is always likely to perfectly mirror the cost-structure of the business

5. 1 and 2

6. 2 and 3

7. 1, 2, 3, and 4