Question Mode

Multiple Choice Question

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.