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QS 4-1 Applying merchandising terms LO C1 P1 Select the term in the blank space beside the definition that it most closely matches. 1. Inventory is updated for each purchase and each sale of inventory. 2. The expense of purchasing and preparing the merchandise sold during a period. 3. Seller's description of a cash discount granted to buyers in return for early payment. 4. The amount of time allowed by a seller before payment is due from the buyer. 5. Time period in which a cash discount is available. 6. Refers to credit terms where goods in transit are owned by the seller. 7. Refers to credit terms where goods in transit are owned by the buyer. 8. Calculated as net sales minus cost of goods sold