Match the terms with the definitions.
A. An inventory costing method that will always show ending inventory between FIFO and LIFO.
B.
C. Under this system, cost of goods sold and the amount of merchandise inventory on hand are updated when merchandise is bought and sold.
D. The cost to replace inventory at the prevailing purchase price.
E. The owner of the merchandise that is held by another business.
F. The principle that states that a business should use the same accounting methods from period to period. This improves the comparability of the financial statements over time.
G.
H. A method of allocating merchandise cost which assumes that the first goods purchased were the first goods sold and, therefore, that the latest goods purchased remain in inventory.
I. A method of estimating inventory in which a business's normal gross profit percentage is used to estimate the cost of goods sold and ending inventory.
J. A method of allocating merchandise cost which assumes that the sales in the period were made from the most recently purchased goods. Therefore, the earliest goods purchased remain in inventory.
K.
A. average cost
B. conservatism
C. perpetual inventory system
D. market value
E. consignor
F. consistency
G. cost
H. first-in, first-out method
I. gross profit method
J. last-in, first-out method
K. inventory sheet
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