Listed below are several terms and phrases associated with inventory measurement. Pair each item from List A with the item from List B (by letter) that is most appropriately associated withit.

List A List B 1. Gross profit ratio a. Reduction in selling price below the original selling price calculation of the cost-to-retail percentage of the cost-to-retail percentag year retail and then to cost 2. Cost-to-retail percentage b. Beginning inventory is not included in the 3. Additional markup c. Deducted in theretail column after the calculation 4. Markdown d. Requires base year retail to be converted to layer 5. Net markup 6. Retail method, FIFO and f. Material inventory error discovered in a e. Gross profit divided by net sales LIFO subsequent vear 7. Conventional retail g. Must be deducted with retail column if sales are h. Deducted in the retail column to arrive at goods i. Divide cost of goods available for sale by goods j. Average cost, LCM. method recorded net of discounts 8. Change from LIFO available for sale at retail 9. Dollar-value LIFO retail available at retail 10. Normal spoilage 11. Requires retrospective k. Added to the retail column to arive at goods restatement available for sale 12. Employee discounts Increase in selling price subsequent to initial markup 13. Net markdowns m. Ceiling in the determination of market 14. Net realizable value . Accounting change requiring retrospective treatment