Consider the following statements about performance reports: I. Performance reports provide feedback to managers and allow them to better control operations. II. Many performance reports have budget, actual, and variance data. III. Performance reports are often structured around a firm's organization hierarchy-that is, data relating to lower-level units (e.g., departments) are combined and flow into higher-level units (e.g., stores). Which of the above statements is (are) true? O II and III. I and III. OI, II, and III. OI only. OI and II.