QUESTION 6 Cost of goods sold is a a revenue b.an expense can asset. d. a liability QUESTION 7 Credit Terms - A wholesaler sells inventory to a retailer under the terms 1/10, 1/30. FOB Shipping Point Credit Terms - Who is responsible for paying the cost of shipping the inventory from the wholesaler's warehouse to the retailer's store? a the retailer b. The shipping company c. the wholesaler d. The wholesaler and the retailer will share the cost equally QUESTION 8 Match the phrase with the term it defines. Unsold goods that a business stw holds a Sales b. Cost of Goods Sold c. Gross Profit d. Merchandise Inventory QUESTION 9 Credit Terms - A wholesaler cells inventory to a rotaller under the terms 1/10, 130, FOB Shipping Point Credit Terms - To claim a cash discount, the retailer must pay for the merchandise within how many days from the date of solo indicated on the seller's invoice? b. 10 6.30 d. By the end of the month