Question: Answer the following as True or False. Answer 1 TrueFalse 1 . In periods of declining prices, periodic FIFO will have a lower net income

Answer the following as True or False.
Answer 1TrueFalse 1. In periods of declining prices, periodic FIFO will have a lower net income than periodic LIFO.
Answer 2TrueFalse 2. The periodic inventory method requires an adjusting entry for a loss at the end of the period.
Answer 3TrueFalse 3. The gross profit method of estimating inventory can be used as a substitute for a physical inventory count under the periodic inventory method.

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