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all cervises, assiume the perpetual inventory system is used unlesssated For all othervise E6-14 Using accounting vocabulary Learning Objectives 1, 2 Match the accounting terms with the corresponding definitions 1. Specific identification 2 Materiality concepty 3. Last-in, first-out (LIFO) 4. Conservatism 5.Consistency principle 6.Weighted-average .Disclosure principle .First-in, first-out (FIFO) a. Treats the oldest inventory purchases as the first units b. Requires that a company report enough information for c. Identifies exactly which inventory item was sold. Usually d. Calculates a weighted-average cost based on the cost sold outsiders to make knowledgeable decisions. used for higher cost inventory. of goods available for sale and the number of units available. e. Principle whose foundation is to exercise caution in f. Treats the most recentewest purchases as the first g. Businesses should use the same accounting methods h. Principle that states significant items must conform to reporting financial statement items units sold. from period to period. GAAP. E6-15 mparing inventory methods The Fart, a regional convenience store chain, maintains milk in Learning Objective2 month's milk purchases and sales at its Freeport, Florida, location follow: 1. Ending Merch. Inv. $16.30 d 11 gallons & $2.15 each