Match each phrase with its definition. 1. The expense of purchasing and preparing the merchandise sold during a period. 2. Seller's description of a cash discount granted to buyers in return for early payment. 3. The amount of time allowed by a seller before payment is due from the buyer. 4. Time period in which a cash discount is available. 5. Refers to credit terms where goods in transit are owned by the seller. 6. Refers to credit terms where goods in transit are owned by the buyer. 7. Calculated as net sales minus cost of goods sold. 8. A current asset that includes the cost to buy goods and make them ready for sale.