Matching Terms Relating to Inventory Concepts and Procedures with their Descriptions

Following are terms relating to inventory concepts and procedures along with descriptions of those terms.$$

Match each term, $1$ through $14,$ with the best description a through n$.$

TermsDescription of TermsAnswer $1$abcdefghijklmn$1.$ Free on board shipping pointa. Requires each inventory item be distinguishable from anotherAnswer $2$abcdefghijklmn$2.$ Free on board destinationb. Occurs when the seller of inventory agrees to buy back the inventory at set termsAnswer $3$abcdefghijklmn$3.$ Gross method$$purchase discountsc. Purchase discounts lost are treated as a finance chargeAnswer $4$abcdefghijklmn$4.$ Net method$-$purchase discountsd. Ownership passes when the seller transfers goods to carrierAnswer $5$abcdefghijklmn$5.$ Consigneee. Averages inventory cost based upon an entire periodAnswer $6$abcdefghijklmn$6.$ Consignorf. Purchase discounts are only recorded if takenAnswer $7$abcdefghijklmn$7.$ Perpetual inventory systemg. Elimination of prior period$$s inventory layerAnswer $8$abcdefghijklmn$8.$ Periodic inventory systemh. Owner of inventory held at a separate locationAnswer $9$abcdefghijklmn$9.$ Specific Identificationi. Requires a physical count of inventory in order to determine COGSAnswer $10$abcdefghijklmn$10.$ Average Cost methodj. Requires average inventory calculations throughout the periodAnswer $11$abcdefghijklmn$11.$ Moving Average methodk. Measures inventory cost between LIFO and FIFO valuesAnswer $12$abcdefghijklmn$12.$ Repurchase agreementl. Ownership passes when the buyer receives goods from carrierAnswer $13$abcdefghijklmn$13.$ LIFO reservem. Requires a physical inventory to verify inventory balancesAnswer $14$abcdefghijklmn$14.$ LIFO liquidationn. Acts as a sales agent to sell merchandise