Question: Identify whether the following statements are true or false. Answer 1 1 . With the periodic inventory system, the inventory account is updated after each

Identify whether the following statements are true or false.
Answer 1
1. With the periodic inventory system, the inventory account is updated after each sale or purchase.
Answer 2
2. In periods of declining prices, FIFO will produce a lower ending inventory dollar amount than will LIFO.

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