Solve the Problem. -A Fair Die Is Tossed. What Are the Odds in the Odds

question 46

Multiple Choice

Solve the problem.
-A fair die is tossed. What are the odds in favor of the cube showing an odd number?

• A)1:2
• B)3:2
• C)1:1
• D)2:1

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Definitions:

FIFO Process Cost Method

An accounting method for valuing inventory and cost of goods sold, where the oldest costs are assigned to the sold units first.

Unit Cost

Unit cost represents the total expense incurred to produce, store, and sell one unit of a product or service, including all variables and fixed costs.

Period Cost

Costs that are not directly associated with the production of goods and are expensed in the accounting period in which they are incurred.

FIFO Method

"First In, First Out," an inventory valuation method where the oldest items are recorded as sold first.