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The factory superintendent's salary would be included as part of the cost of products manufactured under the absorption costing concept.
P(A)
The probability of event A occurring.
P(B)
The probability of event B occurring.
Relative Frequency Approach
A method of probability assessment that involves observing the outcomes of a random experiment to estimate the probability of each outcome by dividing the number of times a specific outcome occurs by the total number of trials.
Long Term
Referring to an extended period of time, typically considered to be several years or more.
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