Which of the Following Statements Is Incorrect

Multiple Choice

Which of the following statements is incorrect?

A) adjustments for unrealised profit in opening inventory would also be required in the following accounting period if this inventory were not sold in the current period
B) the opening inventory held by an entity at the start of one period becomes the closing inventory in the profit and loss summary for the next period
C) the closing inventory held by an entity at the end of one period becomes the opening inventory in the profit and loss summary for the next period
D) from an economic entity viewpoint,the opening inventory of the economic entity will be overstated if a consolidation adjustment is not made to eliminate the unrealised profit in opening inventory