PLEASE ANSWER ALL THE QUESTION

2nd question

LO8-1 through LO8-7 EXERCISE 8.1 Accounting Terminology Listed below are eight technical accounting terms introduced in this chapter. Retail methodmethod cost-or- FIFOLower-of- market LIFOSpecific method identification Gross profit method Cost flow Average- assumption cost method Each of the following statements may (or may not) describe one of these technical terms. For eachh statement, indicate the term described, or answer "None" if the statement does not correctly describe any of the terms LO8-1 through LO8-7 EXERCISE 8.1 Accounting Terminology Listed below are eight technical accounting terms introduced in this chapter. Retail methodmethod cost-or- FIFOLower-of- market LIFOSpecific method identification Gross profit method Cost flow Average- assumption cost method Each of the following statements may (or may not) describe one of these technical terms. For eachh statement, indicate the term described, or answer "None" if the statement does not correctly describe any of the terms