Which of the following statements concerning cost formulas in a periodic inventory system is correct?
A.
The results under FIFO in a periodic system are the same as in a perpetual system.
B.
In a periodic system using weighted average, the latest units purchased before each sale are allocated to the cost of goods sold.
C.
In a periodic system using the weighted average cost formula, a new weighted average is calculated after each purchase.
D.
The results under weighted average in a periodic system are the same as in a perpetual system.