Which of the following statements is true?

1. In a CVP graph (sometimes called a break-even chart), unit volume is represented on the horizontal (X) axis and dollars on the vertical (Y) axis.

2. On a CVP graph for a profitable company, the total expense line will be steeper than the total revenue line.

3. In a CVP graph, the anticipated profit or loss at any given level of sales is measured by the vertical distance between the total revenue line (sales) and the total fixed expense line.

None of the statements are true.

Only statement I is true.

All of the statements are true.

Only statement III is true.