A Worker Received R50 for a Daily Wage in 2000

question 50

Multiple Choice

A worker received R50 for a daily wage in 2000.What is the value of that wage today if the CPI was 20 in 2000 and is 80 today?

• A)R50
• B)R200
• C)R300
• D)R400

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Definitions:

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, showing revenue, expenses, and profit or loss.

Weighted Average Inventory

This accounting method calculates the cost of inventory based on the average cost of all similar items in the inventory, weighted by the quantity of each item purchased.

Periodic Inventory System

An accounting method where inventory is physically counted and valued at specific intervals, used to determine cost of goods sold and ending inventory.

FIFO

"First In, First Out," an inventory valuation method where the first items placed into inventory are the first sold.