Which of the following statements relating to the periodic inventory system is incorrect?

a. The balance in the Inventory account represents the cost of the inventory on hand at the beginning the period.

b Inventory purchases are recorded in the Purchases account

c.The Inventory account is classified as a non-current asset

d. A stocktake must be performed to determine the ending inventory balance

OC only under the perpetual inventory system

Od only under the periodic inventory system