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