TERMINOLOGY FOR INVENTORY ACCOUNTING AND CONTROL. A list of terms is presented below. Match each term with its definition or example by pairing each of the numbers 1 through 7 with the appropriate letter.

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TERM 1. Physical inventory 2. LIFO 3. FIFO 4. Consignment 5. Television surveillance 6. Inventory errors 7. Specific identification a) Self-correcting DEFINITION OR EXAMPLE b) Frequently requires use of serial numbers to identify particular units e) Used to identify persons responsible for theft of merchandise d) Used to discover errors in perpetual inventories e) Assigns the most recent cost prices to ending inventory f) Assigns the most recent cost prices to cost of goods sold g) Goods owned by one party are held and sold by another party