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Default need formula to search column for a word and return another word

I have a multi-worksheet workbook where the 1st worksheet is an assets
summary page and the other worksheets are for tracking individual assets.
Each row of the individual asset worksheet represent an asset request. A
column on the assets worksheet titled "order status" will have one of three
inputs for each request: "Open", "Pending", or "Complete". On the summary
worksheet, each row represents an individual asset. There is a column on the
summary worksheet titled "Item Status". I need a formula to look at the
asset worksheet "Order Status" column. If it finds "Open", it returns "Out"
in cell. If it does not find "Open", but finds "Pending", it returns
"Reserved". If it do not find "Open" or "Pending", it return "Available".
If it doesn't find anything in the first cell of the row it returns "".
 
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