Evaluate the following statements: Absorption costing is required by the Generally Accepted Accounting Principles (GAAP) for financial statements issued to investors, creditors, and other external users. The fixed factory overhead is considered a product cost in variable costing and a period cost in absorption costing. Variable costing is used for internal reporting purposes. Group of answer choices Only Statement #2 is true All of the Statements are true Only Statement #1 is true Only Statement #3 is true Both Statement #1 and #2 are true Both Statement #2 and #3 are true Both Statement #1 and #3 are true