QUESTION 2 2.1 Distinguish between product costs and period costs, give one example of each. 4) 2.2 What is an opportunity cost? Give 2 examples of each. 2.3 State and discuss five distinct activities in any cost accounting system. 2.4 Namib Dairy produces cheese, yoghurt and ice cream. They use milk from Billy's fam 25 MARKS (10) and Billy has 400 milk cows and 600 meat cows. He receives 700 litres of mik from 12 cows a day and all the milk cows have to be milked every day. Namib Dairy only needs 16 000 litres per day. Raymond sells the mik at N$ 4 per litre. It costs Namib Dairy N$1.50 to store one litre of milk and N$1.40 to place an order for 2 litres. The applicable interest rate is 14% pa. REQUIRED; CALCULATE THE FOLLOWING: 2.4.1 2.4.2 2.4.3 Economic order quantity Number of orders per year Ordering cost per year