Answer the following as True or False, then select the correct multiple-choice answer. The periodic inventory method requires an adjusting entry for a loss at the end of the period. In periods of declining prices, periodic FIFO will have a lower net income than periodic LIFO. The seller must include goods sold FOB Shipping Point in its inventory account if the goods are still in transit at year-end. True, True, True False, False, False True, True, False False, True, False True, False, False