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The probability that a car will have a flat tire while driving through a certain tunnel is 0.00005.Use the Poisson approximation to the binomial distribution to find the probability that among 14,000 cars passing through this tunnel,exactly two will have a flat tire.
Direct Labor Standards
Refer to the pre-determined amount of labor time and labor cost that should be used for producing a unit of product or service.
Work in Process Inventory
The value of goods in various stages of production within a manufacturing company, not yet completed as finished goods.
Raw Materials Used
The total cost or value of all primary materials consumed in the production process over a specified period.
Raw Material Price
The cost of basic materials before being processed or used in manufacturing.
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