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05 4-1 Applying merchandising terms LO C1 P1 Select the term in the blank space beside the definition that it most closely matches. . Inventory is updated for purchases and sales of inventory only at the end of a period. . Atype of business that earns income by buying and selling merchandise. . Purchaser's description of a cash discount received from a supplier of goods. . A current asset that includes the cost to buy goods and make them ready for sale. . Calculated as net sales minus cost of goods sold. . Refers to credit terms where goods in transit are owned by the buyer. . Refers to credit terms where goods in transit are owned by the seller. . Time period in which a cash discount is available. Discount period