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 gross profit method of estimating inventory can be used as a substitute for a physical inventory count under the periodic inventory method.A. True, True, TrueB. False, False, FalseC. True, True, FalseD. False, True, FalseE. True, False, False
