Hi Rachel,
I assume the question is how many different 4-bag combinations of chips can there be? If so, formula for that mirrors the binomial coefficient:
C(n,x) = n!/x!(n-x)!
n= total chip varieties
x= number of bags
!=Factorial i.e. 4*3*2*1, etc. You can input into a TI-80s series calculator
For our problem:
n=12
x=4
C(12,4) = 12!/(4!*8!)
C(12,4) = 495
495 possible chip combinations. I hope this helps.