An Insurance Company Has Collected the Following Data on the Gender

question 3

Multiple Choice

An insurance company has collected the following data on the gender and marital status of 400
Customers.
Suppose that a customer is selected at random. Find the probability that the customer selected is
Married if the customer is female.

• A) 125/240
• B) 50/160
• C) 110/160
• D) 50/400

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Definitions:

Process Costing

Process costing is an accounting method used to allocate the costs of production to units of product, particularly suitable for manufacturing processes that are continuous or produce homogeneous products.

Cost of Products

The total expenditure incurred to bring a product to the market, including production, labor, and material costs.

Cost of Departments

The total expenses associated with operating a specific department within a company, including salaries, supplies, and overhead.

Job Costing

A cost allocation method that assigns costs to specific jobs or batches, commonly used in industries where products are uniquely customized.