Which of the Following Statements Concerning Cost Formulas in a Periodic

Multiple Choice

Which of the following statements concerning cost formulas in a periodic inventory system is INCORRECT?

A) The results under FIFO in a periodic system are the same as in a perpetual system.
B) The cost of goods sold would be lower using FIFO than average in a period of rising prices.
C) When using the average cost formula, a new average cost per unit is calculated after each purchase.
D) The results under average in a periodic system are not the same as in a perpetual system.