Which of the following statements are true regarding absorption and variable costing? Select all that apply.

1) Absorption costing treats fixed manufacturing overhead as a period cost; variable costing treats it as a product cost.

2) Absorption costing treats fixed manufacturing overhead as a product cost, only expensing the fixed manufacturing overhead that is associated with the units that are sold for the period.

3) Variable costing treats fixed manufacturing overhead as a period cost, expensing 100% of the fixed manufacturing overhead costs in the period it is incurred.

4) In periods where the amount of units produced = the amount of units sold, the amount of fixed manufacturing overhead expensed in each period will be the same.