Step 1: Understanding the Concept:
Mammalian cell culture media formulations (such as DMEM and RPMI) provide specific amino acids and lipid supplements to replace animal serum.
Step 2: Detailed Explanation:
1. Statement I: L-Glutamine is an essential nutrient added at high concentrations ($2-4\text{ mM}$) in cell culture media. It serves as an essential nitrogen donor for purine and pyrimidine nucleotide biosynthesis and acts as a major oxidative carbon fuel via glutaminolysis (entering the TCA cycle as $\alpha$-ketoglutarate). Hence, Statement I is true.
2. Statement II: In serum-free media (SFM) formulations lacking fetal bovine serum (FBS), defined lipid emulsions containing cholesterol, phospholipids, and essential fatty acids are added to maintain plasma membrane synthesis and fluidity. Hence, Statement II is true.
Step 3: Final Answer:
Therefore, Both Statement I and Statement II are true, corresponding to option (A).