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A department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. For the month of July, there was no beginning work in process; 40,000 units were completed and transferred out; and there were 20,000 units in the ending work in process that were 40% complete. During July, $120,000 materials costs and $105,000 conversion costs were charged to the department.
The unit production costs for materials and conversion costs for July was
P(A and B)
The probability of both event A and event B occurring in a combined manner.
P(A or B)
The probability of event A happening, event B happening, or both events happening.
P(A)
Denotes the probability of event A happening.
P(B)
The probability notation referring to the likelihood of event B occurring.
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