Indicate whether each of the following statements is true or false. (Assume a perpetual inventory system) a) The purchase of merchandise inventory is recorded as an expense. b) Merchandise inventory is expensed in the period it is sold. d) Cost of goods available for sale is allotted between cost of goods sold and selling expenses. Book c) Merchandise Inventory is an account appearing on the balance sheet. Print e) Cost of goods sold is a part of administrative and selling expenses.