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1.1 Distinguish between the following two methods of allocating joint costs: 1.1.1 Sales value method 1.1.2 Gross margin method 1.2. Analyse the purpose of preparing

1.1 Distinguish between the following two methods of allocating joint costs:

1.1.1 Sales value method

1.1.2 Gross margin method

1.2. Analyse the purpose of preparing financial statements.

1.3. Describe the meaning of the term variable cost.

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