Question text You have been provided with the following statements regarding the absorption costing method which is used for IFRS purposes. (i) Absorption costing is superior to variable costing method and results in continuous growth of the company (ii) Absorption costing method includes both variable and fixed manufacturing costs in the product cost (ii) Absorption costing may be used to manage and control effectively selling and administration costs of the company (iv) When absorption costing method is used, budgeted fixed manufacturing costs are recovered on the basis of budgeted number of units manufactured during the period or budgeted total production hours. Indicate which of the following statements are true