Which of the Following Statements Relating to the Periodic Inventory

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

A) Inventory purchases are recorded in the Purchases account.
B) The balance in the Inventory account represents the cost of the inventory on hand at the beginning of the period.
C) The Inventory account is classified as a non-current asset.
D) A stocktake must be performed to determine the ending inventory balance.