Question: QUESTION ONE [25] 1.1 Distinguish between the following two methods of allocating joint costs: 1.1.1 Sales value method (5) 1.1.2 Gross margin method (5) 1.2.

QUESTION ONE [25] 1.1 Distinguish between the following two methods of allocating joint costs: 1.1.1 Sales value method (5) 1.1.2 Gross margin method (5) 1.2. Analyse the purpose of preparing financial statements. (10) 1.3. Describe the meaning of the term variable cost. (5)

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