Answer the following as true or false, then select the correct multiple choice answer: With the periodic inventory system, the inventory account is updated after each sale or purchase. In periods of declining inventory prices FIFO will produce a lower ending inventory dollar amount than will LIFO. According to the IRS LIFO Conformity Rule, a company that chooses LIFO to report net income to its shareholders may not use LIFO in preparing its income tax return. O A. True, True, True B. False, False, False O C. False, True, False True, True, False D. O E. False, False, True