Listed below are eight technical accounting terms introduced in this chapter. 
Retail method
FIFO method 
Lower- of- cost- or- market 
Gross profit method 
LIFO method 
Specific identification 
Flow assumption 
Average- cost method 
Each of the following statements may ( or may not) describe one of these technical terms. For each statement, indicate the term described, or answer “ None” if the statement does not correctly describe any of the terms. 
a. A pattern of transferring unit costs from the Inventory account to the Cost of Goods Sold that may ( or may not) parallel the physical flow of merchandise.
b. The only flow assumption in which all units of merchandise are assigned the same per- unit cost.
c. The method used to record the cost of goods sold when each unit in the inventory is unique. 
d. The most conservative of the flow assumptions during a period of sustained inflation. 
e. The flow assumption that provides the most current valuation of inventory in the balance sheet.
f. A technique for estimating the cost of goods sold and the ending inventory that is based on the relationship between cost and sales price during the current accounting period.