Terms and phrases relating to concepts discussed in this chapter along with descriptions of those terms and phrases follow. Match each term, 1 through 15, with the best description a through o.Key Inventory Terms and Phrases1. Net realizable value2. Lower-of-cost-or-market3. Allowance to reduce inventory to net realizable value4. Gross profit method5. Estimated loss on purchase commitment6. Change in inventory method from average to FIFO7. Change from FIFO to LIFO8. Markdown9. Additional markup cancellation10. Retail inventory method—Conventional Method11. Abnormal casualty loss12. Replacement cost13. Retail inventory method—Average Method14. Material error15. Relative sales value methodDescription of Terms and Phrasesa. Requires retroactive restatement of financial statementsb. Method for valuing inventory applying to LIFO and retail methodsc. Cancellation of additional markupd. Inventory estimation that is not acceptable under GAAPe. Method that approximates lower-of-cost-or-marketf. Not usually practical to retroactively restate or adjust financial statementsg. Reduction in original sales priceh. Selling price net of completion and disposal costsi. Theft of inventory that exceeds expectationsj. Dollar amount required to purchase an inventory itemk. Recorded when contract price is greater than market pricel. Requires net markups and markdowns in cost-to-retail percentagem. Adjusted in accounting records in the period discoveredn. Allows for estimation of inventory values when multiple items are purchased at one priceo. Contra inventory account