(1) One of the categories of inventory for a manufacturer is (a) storage cost (b) work-in-progress (c) administrative overheads (d) selling costs (2) Which one of the following cost formulas or methods assumes that the balance of inventory on hand will always reflect the most recent cost prices? (a) First-in-first-out (b) High-low (c) Weighted average cost (d) Activity-based costing (3) Which of the following are amongst others fundamental principles that are applicable to professional accountants? (i) Integrity (ii) Familiarity (iii) Objectivity (iv) Advocacy Select a correct combination (a) (i) \& (ii) (b) (i) \& (iii) (c) (ii) \&(iii) (d) (iii) \& (iv) (4) In a process costing system, the quantity statement is the summary of the flow of physical units, and it includes information about the (a) cost structure and the rand values (b) rand value of the normal loss (c) rand value of the abnormal loss (d) number of units placed in production