Which of the Following Does Not Correctly Describe a Periodic

Multiple Choice

Which of the following does not correctly describe a periodic inventory accounting system?

A) In a periodic system cost of goods sold are calculated every time a sale is made.
B) In a periodic system, costs of goods sold are a residual amount.
C) In a periodic system assuming a FIFO cost flow, the cost of goods sold would equal those from a perpetual system
D) In a periodic system, inventory and cost of goods sold must be updated at the end of