Match the terms with the definitions, chapter $13$

The company holding the merchandise of

another business to be sold.

A fiscal year that starts and ends at the time

the stock of goods is normally at its lowest

level.

An inventory valuation method under

which inventory is valued at cost or

replacement cost, whichever is lower.

A variation of the gross profit method that

is used by many retail businesses, to

estimate the cost of goods sold and ending

inventory.

A method of allocating merchandise cost

based on the average cost of identical units.

The average cost of identical units is

determined by dividing the total cost of

units available for sale by the total number

of units available for sale.

Goods that are in the process of being

shipped between the seller and the buyer.

Under this system, the ending inventory

and cost of goods sold are determined at the

end of the accounting period, when a

physical inventory is taken.

A method of allocating merchandise cost in

which each unit of inventory is recognized

at its purchase price.

Counting the goods on hand at the end of

the period to allocate merchandise costs

between sold and unsold goods.

Goods that are held by one business for sale

but that are owned by another business.