When inventory is purchased it is recorded as a (n) and when sold it becomes a(n

When inventory is purchased it is recorded as a (n) and when sold it becomes a(n)a. liability withdrawalb. assets expensec. liability assetd. assets contra-assetUse the following information to answer the questions 2 through 5.Inventory data for Newman & Frith Merchandisers Inc. is provided here. Sales for the period were 2800 units. Each sold for $8. The company maintains a periodic inventory system.DateBeginning inventoryNumber of UnitsCost of UnitsTotal CostJanuaryPurchase1000$3.00$ 3000FebruaryPurchase600$3.50$ 2100MarchPurchase800$4.00$ 3200AprilPurchase1200$4.25$5100TotalsPurchase3600$13400