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Which one of the following statements about the use of a continuous inventory system is INCORRECT? A. Both the FIFO and average cost (AVCO) methods of pricing inventory may be used within a continuous inventory system. B. Under continuous inventory, the cost of each receipt of inventory and the cost of each issue from inventory is recorded individually. C. In a retail organisation, a continuous inventory system can be used to keep track of the quantity of each stock item available in its distribution centres. D. A continuous inventory system removes the need for periodic physical inventory counts. |