Which of the following statements is true? I. The term joint cost is used to describe the costs incurred up to the split-off point in a process involving joint products. II. The split-off point in a process that produces joint products is the point in the manufacturing process at which the joint products can be recognized as separate products. III. Two or more products that are produced from a common input are known as joint products. Multiple Choice Only statement I is true. Only statement III is true. All of the statements are true. None of the statements are true.