Answer the following as True or False, then select the correct multiple-choice answer:

_____ The periodic inventory method requires an adjusting entry for a loss at the end of the period.

_____ In periods of declining prices, periodic FIFO will have a lower net income than periodic LIFO.

_____ The gross profit method of estimating inventory can be used as a substitute for a physical inventory count under the periodic inventory method.

A. True, True, True

B. False, False, False

C. True, True, False

D. False, True, False

E. True, False, False