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A discount provided to encourage early payment Debits to Merchandise Inventory Deducted from net sales to calculate gross profit 1. Net sales A calculation of gross proft . Freight out divided by net sales Freight terms which require the seller to pay the freight cost Sales less sales returns and allowances and sales discounts The merchandise inventory account balance should equal ending inventory, at all times 3. 4. Cost of goods purchased 5. Purchase discount 6. Cost of goods sold 7. 8. 9. FOB destination Subsidiary account Periodic inventory system Perpetual inventory system Requires a physical count Separate account maintained 10. Gross Profit Margin Freight terms which required 11. FOB shipping poirt nt of goods on hand to calculate cost of goods sold for each different product the buyer to pay the freight cost Freight cost to deliver goods to customers reported as an operating expense