Select whether the following statements are correct or incorrect. Statement 1: Using traditional costing, non-manufacturing costs are period costs and recorded as expenses when they are incurred: (we do not absorb them into a product) Statement 2: Direct costs are those that can be specifically identified with a cost object, Select one: O Both statements are true Statement 1 is true and Statement 2 is false Both statements are false Statement 2 is true and Statement 1 is false