Consider the following statements regarding traditional costing systems:I. Overhead costs are applied to products on the basis of volume-related measures. II. All manufacturing costs are easily traceable to the goods produced. III. Traditional costing systems tend to distort unit manufacturing costs when numerous goods are made that have widely varying production requirements. Which of the above statements is (are) true?Select one:a. I onlyb. II onlyc. III onlyd. I and IIIe. II and III