{10} This question consists of two separate parts, both of which must be answered. PART 2.1 The following transactions were record in the books of Tshwane Factory Limited: Date Transaction Details April 2019 01 Opening inventory 1 000 units @ R10 each 05 Purchases 2 000 units @ R8 each 05 Freight costs paid: R1 000 10 Issues 2 500 units to production REQUIRED 2.1.1 Calculate the value of inventory at close of business on 10 April 2019 according to the weighted average method of inventory valuation. (Round off to the nearest two decimals where applicable) (5) 2.1.2 Calculate the value of inventory at close of business on 10 April 2019 according to the FIFO (First-in first-out) method of inventory valuation. (3) 2.1.3 Differentiate between the weighted average and FIFO method of inventory valuation. (2) PART 2.2 {15} Piet van der Walt is a machine operator at Tshwane Factory Limited. The following is an extract from the employment contract between Tshwane Factory Limited and Piet: Contracted time: Mondays to Friday, 8 hours per day Hourly rate: R80 Leave benefits: Three weeks paid leave per year Bonus: Annual bonus equal to four weeks' normal wages Company contributions: Pension fund 14% Medical aid 9% UIF 1% Paid public holidays: 12 work days per annum Normal idle time of 5% is expected. REQUIRED 2.2.1. Calculate Piet's labour recovery rate. 2.2.2. Differentiate between the salary and wage of an employee. (11) (4) [25]