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(e) i. State three functions and two limitations of cost accounting ii. What is inventory or stock control? iii. The overall objective of inventory control

(e) i. State three functions and two limitations of cost accounting

ii. What is inventory or stock control?

iii. The overall objective of inventory control is to minimize, in total, the costs associated with inventory. Indicate the three groups of costs associated with inventory control

(f) Indicate four costs associated with carrying or holding inventory, four costs associated with being without stock (stock-out) and two costs associated with the ordering of inventory.

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