Which of the Following Does NOT Correctly Describe a Periodic

Multiple Choice

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

A) Cost of goods sold is calculated every time a sale is made.
B) Cost of goods sold is a residual amount.
C) Assuming a FIFO cost flow, cost of goods sold would equal that calculated by the perpetual system.
D) Inventory and cost of goods sold must be updated at the end of the period.