Review the meaning of the following concepts or terms discussed in this chapter.

a Inventory (both as a noun and as a verb).

b Inventory equation.

c Purchases.

d Purchase returns.

e Purchase discounts.

f Shrinkages.

g Periodic inventory method.

\(\mathrm{h}\) Gross margin method.

i Perpetual inventory method.

j Acquisition-cost basis.

\(\mathbf{k}\) Replacement cost.

I Net realizable value.

m Lower-of-cost-or-market basis.

n Standard cost.

o Cost-flow assumption.

p FIFO.

q LIFO.

r Weighted average.

s LIFO inventory layer.

t Realized holding gain.

u Unrealized holding gain.

v Absorption (full) costing.

w Direct (variable) costing.

\(\mathbf{x}\) Inventory profit.