Which of the following statements is true? I. Budgets are used for the distinct purposes of planning and profit. II. Control involves developing goals and preparing various budgets to achieve those goals. III. A continuous or perpetual budget is a 12-month budget that rolls forward one month (or quarter) as the current month (or quarter) is completed. Multiple Choice 1. Only statement III is true. 2. All of the statements are true. 3. None of the statements are true. 4. Only statement I is true. 2) Lenci Corporation manufactures and sells a single product. The company uses units as the measure of activity in its budgets and performance reports. During May, the company budgeted for 5,280 units, but its actual level of activity was 5,230 units. The company has provided the following data concerning the formulas used in its budgeting and its actual results for May: Data used in budgeting: Actual Results for May: The spending variance for manufacturing overhead in May would be closest to