Match the term that best matches each of the definitions or concepts that follow. Each term can be used only once.

1. Periodic inventory system.
3. Dollar-value LIFO
5. Perpetual inventory system
7. FIFO
9. LIFO
11. F.O.B. Shipping Point
13. F.O.B. Destination
15. Average Cost
17. Consignment
19. LIFO conformity rule

Match each of the options above to the items below.

• Assumes ending inventory includes items most recently purchased.

  Assumes ending inventory includes items most recently purchased. Open choices for matching

• Continuously records changes in inventory.

  Continuously records changes in inventory. Open choices for matching

• Inventory is viewed as a quantity of value.

  Inventory is viewed as a quantity of value. Open choices for matching

• Legal title passes when goods arrive at customer location.

  Legal title passes when goods arrive at customer location. Open choices for matching

• Assumes items sold come from a mixture of goods acquired during the period.

  Assumes items sold come from a mixture of goods acquired during the period. Open choices for matching

• Assumes cost of goods sold includes items most recently purchased.

  Assumes cost of goods sold includes items most recently purchased. Open choices for matching

• Legal title passes when goods are transferred to transporter.

  Legal title passes when goods are transferred to transporter. Open choices for matching

• Adjusts inventory at end of the period.

  Adjusts inventory at end of the period. Open choices for matching

• LIFO must be used for financial reporting if used for income tax purposes.

  LIFO must be used for financial reporting if used for income tax purposes. Open choices for matching

• Goods are transferred to another company but title remains with transferor.