Select the term in the blank space beside the definition that it most closely matches 1. A current asset that includes the cost to buy goods and make them ready for sale. 2. Purchaser's description of a cash discount received from a supplier of goods. 3. Atype of business that earns income by buying and selling merchandise. 4. Inventory is updated for purchases and sales of inventory only at the end of a period. 5. Inventory is updated for each purchase and each sale of inventory. 6. The expense of purchasing and preparing the merchandise sold during a period. 7. Seller's description of a cash discount granted to buyers in return for early payment. 8. The amount of time allowed by a seller before payment is due from the buyer ly matches. od. Cost of goods sold Credit period Merchandise inventory Merchandiser ent. aly matches od Merchandiser Periodic inventory system Perpetual inventory system Purchases discount Sales discount nt