Question: QUESTION 4 Answer the following as True or False, then select the correct multiple -choice answer: ___________In periods of declining prices, periodic FIFO will have

QUESTION 4

Answer the following as True or False, then select the correct multiple -choice answer:

___________In periods of declining prices, periodic FIFO will have a lower net income than periodic LIFO.

___________The periodic inventory method requires an adjusting entry for a loss at the end of the period.

A.

True, True
B.

False, False
C.

False, True
D.

True, False

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