Match each phrase with its definition.

A current asset that includes the cost to buy goods and make them ready for sale.

Purchaser's description of a cash discount received from a supplier of goods.

A type of business that earns income by buying and selling merchandise.

A method in which cost of goods sold is recorded only at the end of a period.

A method in which cost of goods sold is recorded at the time of each sale.

The expense of purchasing and preparing the merchandise sold during a period.

Seller's description of a cash discount granted to buyers in return for early payment.

The amount of time allowed by a seller before payment is due from the buyer.