Respond that the following statements are TRUE or FALSE:

1) When a company produces more units than it sells, income under absorption costing will exceed income under variable costing.

2) In absorption costing, all fixed manufacturing costs are expensed in the period incurred.

3) The unit product cost under absorption costing is higher than the unit product cost under variable costing.

4) If the number of units sold is more than number of units produced, the income under both variable and absorption costing would be the same.

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