The following statements have been made about life cycle costing: (i) It focuses on the short-term by identifying costs at the beginning of a product’s life cycle (ii) It identifies all costs which arise in relation to the product each year and then calculates the product’s profitability on an annual basis (iii) It accumulates a product’s costs over its whole life time and works out the overall profitability of a product (iv) It allocates costs to each stage of a product’s life cycle and writes them off at the end of each stage Which of the above statements is/are correct?