Select the term in the blank space beside the definition that it most closely matches. 1. Calculated as net sales minus cost of goods sold. 2. A current asset that includes the cost to buy goods and make them ready for sale. 3. Purchaser's description of a cash discount received from a supplier of goods. 4. A type of business that earns income by buying and selling merchandise. 5. Inventory is updated for purchases and sales of inventory only at the end of a period. 6. Inventory is updated for each erschase and each sale of inventory 7. The expense of purchasing and preparing the merchandise sold during a period. 8. Seller's description of a cash discount granted to buyers in return for early payment