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?
A. (i) and (iii)
B. (iii) only
C. (i) and (iv)
D. (ii) only