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QUESTION 2 (20 Marks) State whether the following is true or false. 2.1 EOQ is the order size for an item of inventory that results in the lowest total inventory cost for the period. 2.2 The FIFO system requires the calculation of a new average cost each time more inventory is acquired. 2.3 Ordering costs are the costs of goods or materials acquired from suppliers including incoming freight or transportation costs. 2.4 Overtime is the amount of time that an employee works extra above their normal working hours. 2.5 Gross remuneration is a person's basic salary or wage. 2.6 Gross remuneration is the amount of money earned before any deductions have been made. 2.7 Overhead absorption rate is calculated as budgeted level of activity divided by budgeted overheads. 2.8 Actual