3.1 For each of the following independent scenarios, indicate whether or not the item will be included in the cost of inventory for the vendor selling the goods in question. Question 4 [14] Answer the following questions: 4.1 Although offering credit facilities to customers can benefit a business, it comes with a risk. Describe one risk associated with offering a credit facility to customers and explain two ways businesses can mitigate the credit risks. (3) 4.2 When a VAT vendor issues a credit invoice to a customer, output VAT becomes payable to SARS. What would be a fair practice for SARS to follow with regard to the payment of VAT, should the debtor's debt become irrecoverable? (2) 4.3 What are the prerequisites for a VAT vendor to be granted VAT relief in the event of a credit loss occurring? (3) 4.4 If a business sells on credit, then the amount owed will be an asset for the business. Should the debtor's debt then become irrecoverable, the business will have to write the debt off. Demonstrate by means of T-accounts how a VAT vendor would record a credit sale and then how the vendor would record a credit loss