Scoring: Your score will be based on the number of correct matches. There is no penalty for incorrect or missing matches. Match each of the following terms with the correct definition below. Clear All Inventory system that updates the merchandise inventory account for every purchase and sales transaction. FOB shipping point Periodic inventory system Perpetual inventory system Statement that includes - subtotals for net sales, gross profit, and net operating income in determining net income. Inventory system that updates the merchandise inventory account only at the end of the accounting period based on a physical count of merchandise on hand. Multiple-step income statement Shipping terms where the ownership of merchandise passes to the buyer when the seller delivers the merchandise to the freight carrier