The following statements have been made about life cycle costing: 1 Modern products tend to have shorter life cycles so understanding profitability over the product lifetime is critical. 2 Unlike traditional costing methods, life cycle costing assigns costs and revenues to a product or service over its complete life cycle, rather than according to the time period in which the costs or revenues arise. Which of the above statements is/are true? A 1 only B 2 only C Both 1 and 2 D Neither 1 and 2