A Report on High School Graduation Stated That 85 Percent

question 108

Multiple Choice

A report on high school graduation stated that 85 percent of high school students graduate. Suppose 3 high school students are randomly selected from different schools. What is the probability that exactly one of the three graduates?

• A) 0.019
• B) 0.003
• C) 0.614
• D) 0.057
• E) 0.850

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Definitions:

Cost of Goods Sold

Cost of Goods Sold (COGS) refers to the direct costs attributable to the production of the goods sold by a company, including materials and labor.

Purchases

The total amount of goods and materials acquired by a business for the purpose of resale or production during a specific accounting period.

Cost of Goods Sold

The costs directly linked to producing a company’s sold goods, encompassing labor and materials.

Periodic Inventory System

An inventory system where updates to the inventory records are made periodically, often at the end of an accounting period, rather than after each transaction.