Choose the One Alternative That Best Completes the Statement or Answers

question 66

Multiple Choice

Choose the one alternative that best completes the statement or answers the question.
-Suppose that the sample space is $\mathrm { S } = \{ 1,2,3,4,5,6,7,8,9,10 \}$ and that outcomes are equally likely. Compute the probability of the event E: "a number divisible by 3 ".

• A) \(\frac { 2 } { 5 }\)
• B) 3
• C) \(\frac { 3 } { 10 }\)
• D) \(\frac { 1 } { 3 }\)

Determine the impact of production and sales levels on inventory valuation and income under both costing methods.

Analyze the effects of cost behavior patterns on budgeting and financial decision-making.

Understand the concept of gross margin under absorption costing.

Interpret the financial implications of costing choices on business profitability.

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Definitions:

Merchandising Business

A type of business that purchases goods and resells them to consumers without changing their form, primarily making profit through the retail or wholesale of products.

Service Business

A business that provides intangible products or services to customers rather than physical goods.

Closing Entries

The entries that transfer the balances of the revenue, expense, and drawing accounts to the owner’s capital account.

Ratio of Sales

A financial metric used to analyze a company's performance, efficiency, or market position, calculated by comparing sales figures to various other components.