Select the term in the blank space beside the definition that it most closely matches. Discount period Cost of goods sold 1. Refers to credit terms where goods in transit are owned by the buyer. 2. Time period in which a cash discount is available. 3. The expense of purchasing and preparing the merchandise sold during a period. 4. Inventory is updated for purchases and sales of inventory only at the end of a period. 5. Purchaser's description of a cash discount received from a supplier of goods. 6. Calculated as net sales minus cost of goods sold, 7. Refers to credit terms where goods in transit are owned by the seller. 8. The amount of time allowed by a seller before payment is due from the buyer. Purchases discount