Question 12 Lower of Cost or Market Methods are all of the following except: By Each Product O By Total Inventory By Major Category By Total Purchase Cost Question 15 A merchandiser: Earns profit from commissions only. Earns net income by buying and selling merchandise. Buys products from consumers (customers). Receives fees only in exchange for services. Question 16 A trade discount is: A term used by a purchaser to describe a cash discount given to customers for prompt payment. A reduction in selling price below the list price. A term used by a seller to describe a cash discount granted to customers for prompt payment. O A reduction in price for prompt payment