2. The list below provides several terms connected with inventory valuation. Following the list is a series of descriptive statements. a b. C d. consignee consignor finished goods inventory FOB destination FOB shipping point f. 8 h. i. i. gross price method merchandise inventory net price method periodic inventory system perpetual inventory system 1. Goods acquired for resale. 2. Goods manufactured for resale. 3. Maintains an up to date cost of goods sold account balance. 4. 5. Establishes ending inventory by performing a physical count. Legal title to the inventory transfers to the buyer when the goods leave the seller's place of business Legal title to the inventory passes to the buyer when the goods reach the buyer's place of business. The company that relinquishes possession to the goods so that they may be sold, while retaining ownership of the goods until they are sold. 6. 7. 8. The company that takes possession of the goods, but not legal title, in order to sell them 9. Records the discount only if it is taken. 10. Records the discount only if it is not taken