Complete the following statement. Merchandise inventory that is still available for sale is considered a(n) Blank______ (asset/expense/revenue) and is reported on the Blank______ (balance sheet/income statement) and merchandise that is sold during the period is considered a(n) Blank______ (asset/expense/liability) and reported on the Blank______ (balance sheet/income statement). Multiple choice question. asset -> balance sheet -> expense -> income statement asset -> income statement -> expense -> balance sheet expense -> income statement -> asset -> balance sheet expense -> balance sheet -> asset -> income statement