If Events a and B Are Mutually Exclusive and Collectively

question 3

Multiple Choice

If events A and B are mutually exclusive and collectively exhaustive, what is the probability that event A occurs?

• A) 1.00
• B) 0
• C) 0.50
• D) cannot be determined from the information given

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Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.

Periodic Inventory System

A method of inventory valuation in which physical inventory is counted at specific intervals and cost of goods sold is calculated periodically.

Specific Invoice Method

An accounting approach to valuing inventory that tracks the cost of each specific item in inventory and is sold.

Ending Inventory

Ending inventory is the value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus the cost of goods sold.