Match the following 1. Net sales 2. Freight out Separate account maintained for each different product Freight terms which required the buyer to pay the freight cost Freight terms which require the seller to pay the freight cost Sales less sales returns and allowances and sales discounts Debits to Merchandise Inventory Requires a physical count of goods on hand to calculate cost of goods sold A calculation of gross profit divided by net sales Freight cost to deliver 3. Subsidiary account 4. Cost of goods purchased 5. Purchase discount 6. Cost of goods sold 7. Periodic inventory system 8. Perpetual inventory system 7. Periodic inventory system 8. Perpetual inventory system A calculation of gross profit divided by net sales Freight cost to deliver goods to customers reported as an operating expense 9. FOB destination 10. Gross Profit Margin 11. FOB shipping point A discount provided to encourage early payment Deducted from net sales to calculate gross profit The merchandise inventory account balance should equal ending inventory, at all times