Identify whether the following statements are true or false. With the periodic inventory system, the...
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Accounting
Identify whether the following statements are true or false. With the periodic inventory system, the inventory account is updated after each sale or purchase. In periods of declining prices, FIFO will produce a lower ending inventory dollar amount than will LIFO. 
Identify whether the following statements are true or false.
With the periodic inventory system, the inventory account is updated after each sale or purchase.
In periods of declining prices, FIFO will produce a lower ending inventory dollar amount than will LIFO.
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