Please help match the definitions given

CHAPTER 7 NAME Match each of the following terms with the appropriate definition. Match the following terms with the appropriate definition a. Specific identification method b. Days' sales in inventory C. a. Consignee Conservatism principle b. Conservatism principle . Merchandise turnover e. Retail inventory method c. Lower of cost or market f . Interim statements d. Gross profit method 9. Net realizable value e. Merchandise turnover h. LIFO f. Consistency principle i. Weighted average inventory pricing g. Specific invoice inventory pricing i. FIFO h. Days' sales in inventory 1. The accounting principle that guides accountants' to select the i. Consignor less optimistic estimate when two estimates of amounts to be j. Retail inventory method received or paid are about equally likely. 2. The expected sales price of an item minus the cost of making 1 An owner of goods who ships them to another party who the sale. then sell the goods for the owner. 2 A procedure for estimating an ending inventory in which t 3. A method for estimating an ending inventory based on the past gross profit rate is used to estimate the cost of goods ratio of the amount of goods for sale at cost to the amount of sold, which is then subtracted from the cost of goods goods for sale at marked selling price. available for sale to determine the estimated ending 4. An estimate of how many days it will take to convert the inventory. W inventory on hand at the end of the period into accounts The accounting requirement that a company use the sam receivable or cash. accounting methods period after period so that the financ statements of succeeding periods will be comparable. 5. An inventory pricing system in which the unit prices of the 4 An estimate of how many days it will take to convert the beginning inventory and of each purchase are weighted by the inventory on hand at the end of the period into accounts number of units in the beginning inventory and each receivable or cash. purchase. 5. One who receives and holds goods owned by another pa 6. Monthly or quarterly financial statements prepared in between for the purpose of selling the goods for the owner. the traditional, annual statements. 6 The pricing of an inventory where the purchase invoice o each item in the ending inventory is identified and used to 7. The pricing of an inventory under the assumption that costs for determine the cost assigned to the inventory. the most recent items purchased are sold first and charged to 7 The number of times a company's average inventory was cost of goods sold. sold during an accounting period. 8 The required method of reporting merchandise inventory 8. The pricing of an inventory where the purchase invoice of the balance sheet where market value is reported when each item in the ending inventory is identified and used to market is lower than cost. determine the cost assigned to the inventory. 9. A method for estimating an ending inventory based on th 9. The pricing of an inventory under the assumption that ratio of the amount of goods for sale at cost to the amour inventory items are sold in the order acquired. goods for sale at marked selling prices. . 10. The accounting principle that guides accountants to sele