Match the term on the left with the correct definition on the right.

Last$-$in$,$ first$-$out $($LIFO$)$ n

Days in inventory

Consigned goods

Net realizable value

Lower$-$of$-$cost$-$or$-$net realizable

value $($LCNRV$)$ basis

FOB $($free on board$)$ shipping point

FOB $($free on board$)$ destination

Just$-$in$-$time $($JIT$)$ inventory

Average$-$cost method

$[$Choose $]$

Goods held for sale by oneharty although ownership of the goods is retained by another party.

For a company using LIFO, the difference between inventory reported using LIFO and inventory using FIFO.

Freight terms indicating that ownership of goods passes to the buyer when the public carrier accepts the goods from the seller.

Inventory system in which companies manufacture or purchase goods only when needed.

The estimated selling price in the normal course of business, less estimated costs to complete and sell.

Freight terms indicating that ownership of goods remains with the seller until the goods reach the buyer.

An inventory costing method that uses the weighted$-$average unit cost to allocate the cost of goods available for sale to ending

Measure of the average number of days inventory is held; calculated as $365$ divided by inventory turnover ratio.

An inventory costing method that assumes that the latest goods purchased are the first to be sold.

A basis whereby inventory is stated at the lower of either its cost or its net realizable value.