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The following information relates to questions 3 and 12 You are the cost accountant of Prime Steel Technologies (Pty) Ltd and you are busy accounting for various costing activities such as direct and indirect material, inventory valuation, EOQ, absorption rates, and assigning service costs. Answer questions 3 to 8 below. Question 3 1 pts Which of the following two methods of inventory valuation are allowed in South Africa? O A. FIFO and LIFO O B. Weighted average and LIFO O C. FIFO and weighted average method O D.LIFO only Question 4 1 pts What are you calculating when you use the following formula: Lead time x average daily or weekly usage? O A The EOQ O B. Number of orders O C.Annual demand O D. Re-order point Question 5 1 pts Which of the following is an exception to the three methods used to re-assign service department's costs? O A. The Straight-line method O B. The direct method O C. The step method O D. The linear algebraic method Which overhead rate are veu calculating when you are using the following formules Negeted martacturing overheads Sidseted number of units produced Nachhehur Question 6 1 pts Which overhead rate are you calculating when you are using the following formula: Budgeted manufacturing overheads/Budgeted number of units produced? A. Labour hour basis O B. Labour cost basis OC. Product unit basis OD. Machine hour