Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method.

A) $108
B) $120
C) $72
D) $180

_____ refers to standardizing products by dividing them into subgroups and displaying and labeling them so that consumers clearly understand their nature and quality.

A) Transporting
B) Grading
C) Selling
D) Storing
E) Financing

Product-mix ________ pertains to how closely related product lines are to one another-in terms of use, production, and distribution.

Creativity is the ability to visualize,generate,and implement new ideas or concepts or new associations between existing ideas or concepts that are novel and useful.

Ruby Company produces a chair for which the standard specifies 5 yards of material per unit. The standard price of one yard of material is $7.60. During the month, 8,500 chairs were manufactured, using 40,000 yards at a cost of $7.50.​
Determine the (a) direct materials price variance, (b) direct materials quantity variance, and (c) total direct materials cost variance.

Only transactions that cannot be entered in a _______________ journal are recorded in the _______________ journal.