Match the Following Terms with Their Definitions

Multiple Choice

Match the following terms with their definitions.
-Gross profit method

A) Average cost for that period for inventory
B) Inventory continually updated
C) (Beginning inventory and ending inventory) ÷ 2
D) New inventory sold first
E) Cost percentage
F) Inventory not updated continually
G) Each cost is known
H) Old inventory sold first
I) A ratio
J) A ratio used to calculate cost of ending inventory
K) Operating expenses not directly associated with a specific department