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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
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