Which of the following statements about Activity-Based Costing (ABC) is/are likely to be true? 1. ABC should be adopted by all manufacturing firms that produce more than 1 product, as using ABC would result in a more accurate allocation of the firms indirect costs. 2. As ABC is an approach to allocate indirect cost, it does not help a firm reduce its indirect costs. 3. A firm that operates in a more competitive market is more likely to adopt ABC compared to a firm that operates in a less competitive market. Statement 1 only O Statement 2 only Statement 3 only Statements 1 and 2 only Statements 1, 2 and 3