Exercise 9-29 (Static) Concepts, terminology [LO9-1,9-2,9-3, 9-4, 9-5, 9-6, 9-7] Listed below are several terms and phrases associated with inventory measurement. Par each item from the list of phrases with the term that is most appropriately associated with it. Inventory Measurement Terme ok Inventory Measurement Phrases 1. Reduction in selling price below the original selling price 2. Beginning inventory is not included in the calculation of the cost ovat percentage 3. Deducted in the retail counter the calculation of the cost-tortail percentage 4. Requires bass year real to be converted to layer year retail and then toos 5 Gross profit divided by net sales 0 Material inventory error discovered in a subsequent year 7. Must be added to sales if sales are recorded net of sont B. Deducted in the column to arrive at goods available for at Divide cost of goods available for sale by goods available atro 10. Average cost lower of cost or make 11 Added to the retail column to arrive at goods available for sale 12. Increase in selling price subsecvent to initial markup 18 Selling price is estimadong costs 14 Accounting change reg retrospective Additional markup Change from LIFO Conventional retail method Cost-to-rotat percentage ances Inventory Measurement Terms . Dollar-value LIFO retail Employee discounts Gross profit ratio Markdown IN Net markdowns Ent. Pair each item from the list of phrases with the Inventory Measurement Terms Net markup Net realizable value Normal spoilage Requires retrospective restatement Retail method, FIFO & LIFO