Below Is a List of Key Terms

Below is a list of key terms.
a) additional Mark up
b) allowance method
c) conventional retail method
d) markdown cancellation
e) net realizable value
f) net additional markup
g) markup
h) gross profit method
Required:
Match each key term with the appropriate definition.
______ 1) Total markup less markup cancellations.
______ 2) Increase in selling price after there has been a markdown.
______ 3) Cost to selling price.
______ 4) Can be used by an auditor to verify the cost of inventory.
______ 5) Also known as the retail inventory method.
______ 6) Increase above the original sale price.
______ 7) The loss is recorded in a separate inventory account.
______ 8) Estimated selling price less costs of completion or disposal.