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

Complete the following statement. Merchandise inventory thot is still avaliable for sale is considered a(n) (asset/expenseirevenue) and is reported on the (bolance sheet/income statement) and merchandise that is sold during the period is considered o(n) (asset/expense/ability) and reported on the foalance sheet/income statement). Complete the following statement. Merchandise inventory that is still available for sale is considered a(n) (asset/expense/revenue) and is reported on the (balance sheet/income statement) and merchandise that is sold during the period is considered o(n) sheetincome statement). (osset/expensellability) and reported on the (balance