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THE NEXT QUESTIONS ARE BASED ON THE FOLLOWING INFORMATION:
A personnel officer for a firm that employs many part time salespeople tries out a sales aptitude test on several hundred applicants.Because the test is unproven,results are not used in hiring.Forty percent of applicants show high aptitude on the test and 12% of those hired both show high and achieve good sales records.The firm's experience shows that 30% of all salespeople achieve good sales.Let A be the event "shows high aptitude" and let B be the event "achieves good sales".
-What is P(A ∩B)?
Overhead Applied
The allocation of overhead costs to specific jobs or cost objects based on a predetermined rate.
Standard Direct Labor-Hours
The predetermined estimate of the labor hours required to produce one unit of a product.
Fixed Manufacturing Overhead
Costs in manufacturing that do not change with the level of production, such as rent, salaries, and insurance.
Volume Variance
A metric used to measure the difference between the budgeted quantity of output and the actual output, often analyzed to assess performance or plan for future action.
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