Mark each of the following statements as either True or False and select the correct answer.

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

_____ Using the LIFO inventory method eliminates the need for a physical inventory count at the end of the accounting period.

_____ In periods of rising prices, periodic LIFO will have a higher amount of ending inventory compared to periodic FIFO.

True, True, True

True, False, False

False, False, False

False, True, True

True, False, True