Which of the following statements is true? I. The activity rates in activity-based costing are used to determine how quickly a particular task should be done. II. In activity-based costing, a separate activity rate (i.e., predetermined overhead rate) is computed for each activity cost pool by dividing the estimated overhead cost in the activity cost pool by the total expected activity for the activity cost pool. III. An activity rated is computed for each product. IV. The activity rates in activity-based costing are computed by dividing the direct labor-hours for an activity cost pool by the measure of activity for the activity cost pool. Multiple Choice Statement I is true. Statement II is true. Statements I, II, and III are true. All of the statements are true.