Match each phrase with its definition. Sales discount Credit period Discount period FOB destination FOB shipping point Gross profit Merchandise inventory Purchases discount 1. Goods a company owns and expects to sell to its customers. 2. Time period that can pass before a customer's full payment is due. 3. Seller's description of a cash discount granted to buyers in return for early payment. Ownership of goods is transferred when the seller delivers goods to the carrier. 4. 5. Purchaser's description of a cash discount received from a supplier of goods. Difference between net sales and the cost of goods sold. 6. 7. Time period in which a cash discount is available. 8. Ownership of goods is transferred when delivered to the buyer's place of business.