Match each phrase with its definition. 1. The amount of time allowed by a seller before payment is due from the buyer. 2. Refers to credit terms where goods in transit are owned by the seller. 3. Calculated as net sales minus cost of goods sold. 4. Purchaser's description of a cash discount received from a supplier of goods. 5. A method in which cost of goods sold is recorded only at the end of a period. 6. The expense of purchasing and preparing the merchandise sold during a period. 7. Time period in which a cash discount is available. 8. Refers to credit terms where goods in transit are owned by the buyer. Grown porrow Discount period FOB destination FOB shipping point Gross profit Periodic inventory system