Consider the following statements about performance reports:

I. Performance reports provide feedback to managers and allow them to better control operations.

$11.$ Many performance reports have budget, actual, and variance data.

IlI. 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?

Il and III.

I and II$.$

$1,$ I$1,$ and III.

$1$ and III.

I only.