If the Two Events Are Mutually Exclusive and Collectively Exhaustive,what

question 68

Multiple Choice

If the two events are mutually exclusive and collectively exhaustive,what is the probability that one or the other occurs?

• A)0.00
• B)0.50
• C)1.00
• D)Cannot be determined from the information given.

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Definitions:

Inventory Items

Goods or materials that a business holds for the purpose of sale or production.

Retail Inventory Method

An accounting method used by retailers to estimate inventory cost by using a consistent markup and grouping similar items.

Cost-To-Retail Ratio

A calculation used in inventory accounting that helps determine the ending inventory value under the retail inventory method, comparing the cost of goods to their retail price.

Ending Inventory

The worth of items available for selling when an accounting period ends, determined by adding the starting inventory to purchases and then subtracting the cost of goods sold.